|up. Probably because New Mexico is in the lower percentile of income. LESA's were actually effectivelyinstituted in 2015 but now I am seeing more and more restrictive measures happening that protect lenders - it's just the way it is. What's a LESA? Those of you who actually KNOW Reverse Mortgages already know. I just haven't seen any real application though, until this year.|
LESA's effectively limit the amount of money available to the borrower by setting aside a chunk of the equity to "make sure" there are funds available to pay future taxes, insurance and other property charges. Here's a good article to give one a brief review. Takes the attractiveness out of RM's for many who need the RM in the first place. Such is business.