Attention Realtors: Beginning March 2, of 2015 our senior citizens will face new hurdles when obtaining a reverse mortgage (aka “HECM”). Future loan applicants will be required to enroll in additional counseling classes, pass a credit check and other evaluations that mirror the qualifying process for a typical mortgage. Currently none of this documentation is required. In practice a reverse mortgage applicant could be 1 day from trust deed sale, 1 day out of BK and still get a reverse mortgage, that’s how loose the qualifying is currently. Editor’s Note: Typically a reverse mortgage takes 45 days to fund from start to finish so this deadline is looming closer than we think. If you have any questions regarding regarding the HECM or any seniors in mind that would like to tap into their equity for some much needed retirement income give us a Call 877.895.5150
Posted on: Sat, 15 Nov 2014 19:31:28 +0000
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