When Applying for a Reverse Mortgage, Be Prepared for
Financial Assessment Questions
Understanding the New Reverse Mortgage Guidelines
Potential Reverse Mortgage Borrowers will now be asked numerous questions to determine qualification under the new Financial Assessment Guidelines. Below is a list of questions but there could be more. HUD's Financial Assessment Guide provides complete details.
Preliminary Financial Assessment Questions:
Do you file an income tax return with the IRS?
Are you currently employed? What are your sources of income? What is your total income?
Do you have assets that could be used as monthly income such as savings, CDs, 401k, IRA, Annuity etc.
What are your monthly obligations? (Installment debt, Revolving/credit card debt)
Have you experienced any hardships that may have affected your credit?
Have you ever co-signed on a loan?
Have you filed for bankruptcy in the past 2 years?
Have you been or are you in foreclosure? If yes, was it an FHA loan?
Have you had any tax liens or judgments in the past 2 years?
What are your monthly or annual property taxes and homeowner's insurance?
Are you current on your taxes and homeowner's insurance?
Do you have PUD or HOA dues, what is the amount and is it current?
Do you have any other real estate such as an investment property or second home? What are the property charges and is there an FHA loan on other property?
What is the square footage of your home?
For many senior homeowner's, the analysis process and documentation requested will be simple and hopefully not too time consuming. Answering these initial questions will allow the us gather the proper documentation and quickly move through the reverse mortgage process. Live the life you deserve with the Life Mortgage! The new Reverse Mortgage!
To receive your free Financial Assessment, click here: Financial Assessment Evaluation