Reverse Mortgage News! HUD Announces Finanical Assessment Implementation Date for April 27th, 2015
Get HECM Applications in Prior to avoid Income and Credit Qualification Guidelines
HUD announced the financial assessment underwriting guidelines will be applied to all borrower's with case numbers issued on or after April 27, 2015. Many reverse mortgage borrowers want to avoid these new rules either to avoide set asides for taxes and insurance or disqualification and others simply don't want longer underwriting times and additional documentation requirements. It is suggested the counseling be completed and application in by Mid-April to assure locking in under the old rules especially in California as there is a 7 day waiting period between counseling and application.
If you would like to receive a counseling list & packet and application, call me at 800-684-9438 or click here
Maggie O'Connell 800-684-9438