Reverse Mortgage Financial Assessment Changes
There are changes on the horizon for the reverse mortgage industry once again. This time, however, many might agree that the changes are warranted and in the best interest of borrowers. Until the changes are implemented, the originators in the industry are sitting on edge anticipating what those changes will be. We can safely assume that banks will begin to look at credit history and income, which the lack to do so up to this point has been a marketable part of the program: "No Credit or Income Qualifying Required"! One would think that this will keep many seniors from qualifying for a reverse mortgage , however FHA is expecting an increase in reverse mortgage units in 2012. As lenders begin to implement their financial assessment guidelines over the next few months, we will begin to learn which direction the reverse mortgage industry is headed. With the ever-booming baby boomers and the economy in dire straits, one can hope that the changes will not keep the program