Financial Assessment
How Financial Assessment Made Reverse Mortgages Safer This financial assessment process is conducive to making the Home Equity Conversion Mortgage (HECM) an even safer loan product. If a potential borrower can swallow such an absurdity he need not be concerned about who this financial assessment (FA) is making the product safer for! The FHA wants…
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Financial Assessment for Reverse Mortgages Looks Better and Better. Financial Assessment is still working, only more so. The Federal Housing Administration’s new policy of requiring financial assessment of the borrower’s ability to pay has cut tax and insurance defaults by nearly three-quarters and serious defaults by almost two-thirds. These results are even better than the…
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Financial assessment is simply NOT looking at your credit in the old sense, but rather looking to see you have been responsible paying taxes and insurance, no late house payments in 24 months, and any other string of missed payments. I found this article today that may help explain. Financial Assessment Works, New View Commentary…
Read MoreFinancial Advisors View Changing
Financial Advisors View Changing Slowly about Reverse Mortgages being a longevity tool. Reverse Mortgages Seen By Advisors As Option Of Last Resort Time was, reverse mortgages were anathema to financial advisors. One big reason was self-serving: Since the loans provide an income stream, they meant less client money for advisors to manage—and from which to…
Read MoreFinancial Advisors should advise thier clients about a Reverse Mortgage.
Yes, it’s possible that an investment advisor could be sued if clients lost money due to their advice and felt that the advisor should have offered a reverse mortgage as a way to supplement their income, particularly if it was a suitable option for their situation and the advisor failed to present it. Here’s a…
Read Morefinancial advisors are uninformed
Most financial advisors are uninformed and misinformed when it comes to the importance of reverse mortgages, and it’s time for this to change. The Funding Longevity Task Force wants YOU… to know about reverse mortgages. Financial Planners and Elder Care attorneys are recommending Reverse Mortgages now because people are living longer. The 401k came out…
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Financial advisers should avoid error by omission and consider reverse mortgages The vast majority of financial services professionals still fail to incorporate home equity planning or reverse mortgages into their practices by Jamie Hopkins. I wanted to share this great article written by one of the leading financial planners of today. Over the past few…
Read MoreFill the Retirement Income gap
How Reverse Mortgages can Fill the Retirement Income gap, who qualifies, and how much can be borrowed? from Planadviser and Lee Barney . Reverse mortgages make sense for retirees who wish to remain in their home, who need some additional income and who are not concerned about leaving the equity in their home to their…
Read MoreFighting inflation with a reverse mortgage
Fighting inflation with a reverse mortgage. What retirees need to know. As inflation concerns grow, many retirees worry about their purchasing power. Retirees may consider a reverse mortgage for inflation protection, financial experts say. Opening a reverse mortgage line of credit early and allowing it to grow may offer a buffer for future retirement expenses.…
Read MoreFHA Appraisal Requirements
FHA Appraisal Requirements involve an appraiser inspecting your home to make sure it’s safe. For a Federal Housing Administration (FHA) loan to be approved, the home must pass an FHA inspection and appraisal. That means it must be worth the purchase price and have such basics as electricity, drinkable water, adequate heat, a stable roof, fire…
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