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Five Take-Aways from the Financial Assessment
Two weeks ago today we hosted a national webinar on the Financial Assessment with over 800 participants. Since that time the proverbial dust has begun to settle allowing us to absorb more details for the new way of doing business. That said there are five key facets of the Financial Assessment that may be overlooked or misunderstood.
1- Credit Scores. One could reasonably conclude that anytime a lender is checking a credit report the applicant’ts credit score is a key factor in determining their eligibility. Fortunately unlike traditional mortgages where the applicant’s credit score not only determines eligibility but the interest rate the HECM program has no such consideration. The credit report is soley for examining a borrowers history of paying obligations in a timely manner thus indicating their willingness to meet the financial obligations of a reverse mortgage.
2- Non-HECM liens. Recently uncovered is the requirement that non-HECM liens where the borrower
Download a transcript of this episode here.
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