August 20th, 2011 6:47 PM by Juan Luis Rodriguez-Kohly
October is coming!!!! October is coming!!!!
Early every October is the time in which HUD puts into effect the changes to the HECM Reverse Mortgage Program. For the past few years, those changes have represented reductions on the proceeds you could get compared to the previous year and other changes (not always for the best).
For new applicants, this year points to possible reductions of the proceeds, and/or the Maximum Loan Limit from $625,500 to a smaller amount, stricter Counseling requirements, etc...
If you already have a Reverse Mortgage, this will not affect you. But, it will affect any new applicant who applies after September 30th.
If you or someone you know, have not applied for a Reverse Mortgage yet, call me today at 786-262-6486. Everyday that goes by, the less time you or they have.
Your comments will be appreciated. For most answers call me at 786-262-6486 or visit http://HappySeniorHomeOwners.com (English-Español). To tell a friend visit http://www.happyseniorhomeowners.com/tellfriend.aspx