Financial Assessment Rescheduled by FHA

The Federal Housing Administration (FHA) has rescheduled the much anticipated financial assessment for reverse mortgages to a later date due to technical difficulties.  The new date has not been set, but FHA says it could fall between 30 to 60 days of the original March 2 effective date. The reverse mortgage industry and HECM (home equity conversion mortgage) counseling agencies had been experiencing an increase in volume over the past few weeks due to many applicants looking to secure their reverse mortgage before the changes.   HUD stated in its Mortgagee Letter 2014-22 that lenders will be required to evaluate the willingness and capacity of a borrower to timely meet his or her financial obligations including tax and insurance with the property.

For more information on reverse mortgages and other related topics contact:

Rick R. Rodriguez
Certified Reverse Mortgage Professional, CRMP
NMLS# 473353
Toll Free (877) 500-0454
Local (702) 460-6222