Posted by Jose Gutierrez on 9/13/13 12:57pm
Msg #484507

Reverse Mortgage

Can any one recommend me a good LO or a good lender for a RM?

Thank you.

Reply by Pam/NM on 9/13/13 1:00pm
Msg #484509

sent you a PM n/m

Reply by NVLSlady/VA on 9/13/13 1:14pm
Msg #484513

PM, too n/m

Reply by Shoshana/AZ on 9/13/13 3:20pm
Msg #484556

You are probably too late.

if you can get your counseling done and have your number by Sept 27 you are good to go. if not, you are too late. Rules change drastically on Oct 1.

Reply by Jose Gutierrez on 9/13/13 4:36pm
Msg #484580

Re: You are probably too late.

What are the main changes starting Oct 1st?

Reply by Shoshana/AZ on 9/13/13 5:12pm
Msg #484588

From what I can remember they are:

Some of the restrictions may not happen until Jan 1
Bear900 recently posted a more comprehensive list. He is a RM LO in CA. I would trust him. He seems to have a lot of knowledge. You can search for his post.

1. Credit checks will count more
2. 15% lower principal balance
3. Set asides for T&I
4. No more lump sum payouts
5. It will get so bad, that the only reason one might want to do this is that they won't have mortgage payments any more. A lot of people will definitely be shut out of this market. I don't want to disvourage you, but if you can get the counseling and the case number before the end of the month, then you will have till Dec31 to close the loan.

Reply by Bear900/CA on 9/13/13 5:31pm
Msg #484594

Re: From what I can remember they are:

You can still get a lump sum up to 60% of the total qualified principal limit, then the rest after 12 months.

The loan still works for some and may be a good investment strategy.

Msg #483604

In most cases the application needs to be signed and submitted to get a case number which is after counseling. Actually, that is the legal requirement but some companies get the application signed before counseling.

Reply by Shoshana/AZ on 9/13/13 5:44pm
Msg #484599

Re: From what I can remember they are:

Sorry Bear, i didn't realize that. That's why I deferred to you.

Reply by Bear900/CA on 9/13/13 5:56pm
Msg #484604

No prob, you were 3 out of 5. Wish I could do that daily. n/m

Reply by Shoshana/AZ on 9/13/13 7:30pm
Msg #484624

I guess that is good for an old lady with Sometimers. n/m

Reply by anotaryinva on 9/14/13 9:44am
Msg #484653

Article today's Post

About reverse mortgages,

http://www.washingtonpost.com/realestate/reverse-mortgages-become-less-generous-for-retirees-drawing-down-on-homes-value/2013/09/12/88820d82-1a2a-11e3-82ef-a059e54c49d0_story.html