The Department of HUD introduced a financial assessment requirement effective on April 27, 2015, for all Reverse Mortgages applicants. Now applicants have to demonstrate that they have the ability to pay their monthly expenses. Although this will help reduce the number of defaults…
Before applying for a reverse mortgage, you are required to attend a 3rd party counseling session. The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country and counseling is available in many languages. Participating in the…
The Initial Consultation The first step in the process begins with an initial consultation which can be very informational. During the consultation we will discuss how a reverse mortgage works, discuss your specific options in detail and answer all your…
What is a HECM Reverse Mortgage Purchase? Yes, you can buy a home with a reverse mortgage. Many qualified home buyers and even real estate professionals are learning about the features of the reverse mortgage purchase. If…
Today many seniors are finding ways to reduce living expenses and preserve retirement savings. This has lead to an increase in the popularity of Home Equity Conversion Mortgages also known as Reverse Mortgages on all properties including Manufactured Homes that qualify. …
Hello, I'm Mark Daly a loan originator(NMLS#317641) LocalReverse.com by Group One Mortgage. Recently I had a customer who was faced with foreclosure. She had lost her husband to cancer, she also lost his income and was horrified to…