Reverse Mortgage News for Fresno California

By
Mortgage and Lending with Security 1 Lending NMLS# 1064132

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.

Reverse Mortgage News for Portland Oregon

Jenna Yancey

NMLS# 1064132

Cell: (559)974-3216

Jenna.Yancey@S1L.com

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 08/26/2013 05:42 AM
Topic:
ActiveRain Community
Location:
California Fresno County

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Rainmaker
183,529
Trisha Bush-LeFore
Preferred Properties Land & Homes - Walla Walla, WA
Providing Realtor Services in the Walla Walla Area

Jenna,

Thanks for the new information on Reverse mortgages. I've had clients ask about them, I am not a lender so I always refer them to an expert. We all should have a good general understanding of the product though. Education is awesome, thanks.

Aug 26, 2013 05:26 AM #1
Rainer
12,078
Jenna Yancey
Security 1 Lending - Fresno, CA
Reverse Mortgage Specialist

Thanks Trisha, I appreciate your feedback! I can't say enough how important I think education is, especially with a product that has been so misunderstood in the past. A Reverse Mortgage isn't right for everyone but I have been blessed to see how it can benefit so many. Wishing you a great week ahead!

Aug 26, 2013 08:03 AM #2
Rainmaker
3,112,327
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Jenna - Thank you for sharing an excellent blog about reverse mortgage news for Portland, Oregon.

Aug 26, 2013 08:34 AM #3
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Jenna Yancey

Reverse Mortgage Specialist
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