Reverse Mortgage News: Financial Assessment Postponed Until April

March 2nd, 2015 – Previously, the Department of Housing and Urban Development (HUD) had announced that a new financial assessment would be added to the reverse mortgage process. However, at the end of February, it was announced that the financial assessment has been postponed to April 27, 2015.

Currently, potential borrowers are not required to undergo a financial assessment when applying for a reverse mortgage. The new financial assessment was created to determine if the borrowers have sufficient income to qualify in order to proceed with the loan process, otherwise a set-aside may be put on the loan. While the new financial assessment is not meant to “disqualify” senior homeowners from obtaining a reverse mortgage, it may cause issues for some.
Those who are looking to bypass the financial assessment step may be able to do it prior to the late April date. If you are looking to do a reverse mortgage, now may be the time to contact a Senior Advisor at 1-888-808-8486.

Previous articles:

• Reverse Mortgage News: Financial Assessment to begin March 2nd 
• New Financial Assessment Will Make Reverse Mortgages Harder, Not Impossible