New date set for Reverse Mortgage Financial Assessment!

March 2nd, 2015. Posted In:

Last Friday HUD Announced a revised Reverse Mortgage Financial Assessment date for April 27th. If you know of anyone interested in getting a Reverse Mortgage – now is a great time before this goes into effect and while interest rates are still really low!

HUD writes in explaining the purpose of the new financial assessment, “The mortgagee must evaluate the mortgagor’s willingness and capacity to timely meet his or her financial obligations and to comply with the mortgage requirements.” The financial assessment will include assessing credit history, income verification, asset verification, property charge verification, residual income analysis, documentation of extenuating circumstances or compensating factors and calculations for life expectancy and residual income shortfall set-asides.

 

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