January 7th, 2014 8:07 AM by Juan Luis Rodriguez-Kohly
HUD has delayed the strict Reverse Mortgage Financial Assessment Requirements scheduled to begin on January 13, 2014. It might have prevented many Borrowers, specially the most needy from obtaining a Reverse Mortgage.
When notified in September 2013, the Reverse Mortgage Industry commented vigorously on the requirements and HUD is reviewing and updating them.
It is expected that the new requirements will be issued in the next few weeks and will become effective Ninety (90) days from that date. We will inform as soon as we have a date.
Your comments will be appreciated. Post here or send them to RodKohly@Gmail.com * For most answers call me at 786-262-6486 or visit http://HappySeniorHomeOwners.com (English-Español). Follow me in Facebook: http://Facebook.com/RodKohlyLO To tell a friend visit http://www.happyseniorhomeowners.com/tellfriend.aspx