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Reverse Mortgage Financial Assessment to Be Implemented on March 2015
Reverse Mortgage Financial Assessment to Be Implemented on March 2015
The Department of Housing and Urban Development has finally announced that the financial assessment will come into effect on MARCH 2015, as reported by Reverse Mortgage Daily.
While the financial assessment was previously announced as an upcoming change last October, it was not implemented in the past year. Next March, however, the financial assessment is poised to be one of the biggest changes in the reverse mortgage industry while adding another safeguard for future borrowers.
The financial assessment came about, largely, because of the reputation of the reverse mortgage. As a loan of last resort, many turned to the program when they were in dire financial need, making a bad situation worse, when there were not enough funds left over for borrowers to pay their property taxes and homeowners' insurance.
Part of the changes that were implemented last October were to protect future clients, who obtained a reverse mortgage, by giving them access to their funds, but not all at once, so they may have more funds in the future to cover their financial obligations.
What does the financial assessment mean for future borrowers and the reverse mortgage program?
For the first time, credit and ... more

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