Reverse Mortgages are one of the most misunderstood loan products offered in the loan business. Most originators do not want to spend the time it requires to educate Senior Citizens and their children on the benefits of an FHA Reverse Mortgage. It is a fantastic tool for the right family or person and deserves more education.
Recently FHA Reverse Mortgages have added a Financial Assesment tool, which basically is a fancy way of saying now they are going to start analyzing credit and income when making a decision on the loan. This does a number of things for the consumer:
1. It adds an extra layer of protection for Senior Citizens preventing them from being put in a position where they cannot afford to pay property taxes and insurance on the house.
2. It eliminates unscrupulous brokers and lenders from the business that charge higher rates because now their is a more intimate layer involved in the transaction.
Reverse mortgages are a safe and low risk option for our aging population here in America. They are a solution to a lot of problems Senior Citizens face with living situations.
For more information please visit www.truthaboutfhareversemortgages.com or email me directly noah.burford@omni-fund.com.
Cheers,
Noah S. Burford
949-278-9244
FHA Reverse Mortgage Specialist
NMLS#360982
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