Important Reverse Mortgage News for Fresno California:
It is important to note that HUD has proposed changes to the Reverse Mortgage program which may be effective as soon as October 1st. It is likely that these changes will result in a decrease in the amount of funds available to borrowers. This will eliminate some potential borrowers from qualifying for a Reverse Mortgage. In addition, there will also be a cap on the funds available within the first year to those who do not have mandatory obligations such as a current mortgage to pay off.
HUD has also been discussing the implementation of financial assesment and mandatory set asides for property taxes and insurance. It does not appear that the financial assesment will be implemented with the first set of changes effective October 1st however, will more likely appear in the coming months.
What does this mean to you?
If you are located in the Fresno California area and have been considering a Reverse Mortgage then I encourage you to contact me, your LOCAL Reverse Mortgage Specialist and educate yourself on weather or not these coming changes will affect your circumstances. It is important for you to feel comfortable through every step of the process and to work with someone that you can trust and isn't afraid to tell you if a Reverse Mortgage is not a good option for you.