As we rapidly approach the next big change in HUD’s HECM (Home Equity Conversion Mortgage) program, I am always on the lookout for accurate and well-presented summaries of the Financial Assessment Requirements that are looming.
The link below will take you to one such summary from Kiplinger’s Magazine. Another mainstream publication that is getting it right!
My mother would say I “sound like a broken record” as I continue to criticize when the press or a professional advisor gets it wrong. But consider what a client of mine heard from a so-called professional the other day. My client was told that if she ever had to go to a nursing home that the bank would come and take her house. This kind of preposterous, false information is very harmful. Education, on the other hand, is beneficial. Fortunately my client knows better after getting the truth from me and from the required HUD Counseling. But what about the elderly Americans who are run off of the program that could positively change their lives because of such irresponsible statements?
OK that’s enough whining from me. Let’s take a look at some responsible journalism!
Realtors and Builders: Please note that the H4P Program (HECM for Purchase) is not restricted as far as distributions go. 100% of the available Principal Limit can go immediately to a purchase. Be sure to see the Reverse for Purchase section of my newly rebuilt web site. www.reversemortgagewithbob.com
Here’s that Kiplinger’s article: