Over the years that I have been helping people with the HECM program from HUD, I have seen some very significant changes. This article from Investor’s Business Daily gives two huge changes a broad brushstroke so I’d like you to see it and I can fill in details for you. Just ask! The change that will have the most impact is the Financial Assessment. A significant percentage of seniors who are now enjoying the benefits of a reverse mortgage would not have qualified had the new rules been in effect. This will cause a rush to qualify under the current rules rather than deal with the new ones. It is 100% predictable. We have seen rushes before that strain the required HUD counseling agencies. The latest such incident occurred when the dollars available were reduced starting October 1, 2013 (a subsequent increase now has improved things). Unfortunately, a lot of folks were unable to get in under that wire because they could not schedule the required counseling in time. They waited too long. Counselors were simply booked, even though many made a valiant effort to accommodate requests. There were just not enough hours available. So if you or someone you know is considering this as a part of their financial plan, please get in touch with me.
Have a look at the article here, thanks!