With tougher requirements being implemented qualifying for a reverse mortgage program can be a difficult task depending on which lender chosen. There are 4 varieties of the HECM reverse mortgage (HECM Fixed, HECM Adjustable, HECM Saver Fixed, HECM Saver Adjustable); some lenders now require senior borrowers to qualify for the HECM loans by proving that they have enough money to pay for property taxes, home insurance premiums, and other home upkeep expenses. Some of the largest lenders have financial underwriting in place or will soon implement lending restrictions, thus making it tougher for seniors to qualify. HUD has approved the process of financial underwriting. ( source: http://reversemortgagedaily.com)
“Reverse Mortgage Lenders Direct is currently able to match seniors nationwide with reverse mortgage lenders who will not determine the loan based on income/credit scores. This is an advantage to seniors who receive a fixed income and/or don’t have perfect credit, have late payments, or who were denied by other lenders. We predict many more lenders will have financial underwriting in place next year, so for some seniors now is the time to consider a reverse mortgage loan,“ (
Lenders implementing financial assessment want to make sure borrowers will be able to meet ongoing costs/fees involved with the reverse mortgage loan this includes: paying for property taxes, homeowners insurance, and maintenance. Borrowers will have to provide documented income for past 2 years though tax statements. Bankruptcy, foreclosures and tax liens will adversely impact your chances to qualify, and your credit will be reviewed. Lenders will look into your mortgage payment history along with property taxes and insurance history over last 24 months as well.
“For many seniors the reverse mortgage is their last resort and so it’s unfortunate that many wont qualify due to financial underwriting. For this reason we offer a no income/credit based reverse mortgage. “We strive to provide the most accurate information and to educate seniors who are considering the HECM reverse mortgage for their retirement,” (
Reverse Mortgage Lenders Direct, a consumer friendly reverse mortgage website, which provides information and ability for seniors to receive reverse mortgage quotes online.
For more information:
Toll free – 877-300-1623
Read the full story at http://www.prweb.com/releases/2011/12/prweb9014882.htm
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