Reverse Mortgages Looking More Like Forward Mortgages

As we approach the Financial Assessment Guideline implementation for reverse mortgages on April 27th, 2015, the reverse mortgage industry is preparing itself for what lies ahead for the program.  Although there are differences in opinion of how the change will effect industry volume, there is agreement in that the program will be strengthened to better protect consumers, lenders and FHA.  The highlight of the new guideline will be to ensure that homeowners have enough residual income to pay for property taxes and homeowner's insurance expenses.  If they do not, then a Life Expectancy set-aside (similar to an escrow account) will be set up to pay for future taxes and insurance.

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