The lending landscape is constantly changing. This can be a good thing and a bad thing for seniors looking to get an FHA Reverse Mortgage. It looks as if the lending limit will be lowered in the beginning of 2012. This will definitely have an effect on homes worth more than $400,000. Most of the changes in the FHA Reverse Mortgage (HECM) have been good ones.
One recent change that I like is the fact before you can disclose to a borrower they must have completed the counseling requirement. I am not going to mention any names but there are some big FHA Reverse Mortgage companies that are not following this rule. I have heard from a few clients that this companies representatives are showing up with disclosures and a pre-counseling packet. This is out of compliance.
Counseling is a great thing for Seniors! I love it that it must be done before disclosures are given to them. It is another layer of protection against predatory and aggressive lenders.
FHA Reverse Mortgages are not for everyone, but they fit perfectly when there is a need!
Please contact me at noahb4@gmail.com if you would like to know more or visit my website http://www.thetruthaboutfhareversemortgages.com/
Sincerely,
Noah Burford
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