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After years of Reverse Mortgages, I am now seeing LESA's pop
Posted by  Scriba/NM of NM on 7/21/19 7:11pm Msg #608584
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.

https://www.myhecm.com/reverse-mortgage-glossary/reverse-mortgage-lesa

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Messages in this Thread
 After years of Reverse Mortgages, I am now seeing LESA's pop -  Scriba/NM on 7/21/19 7:11pm
 Re: After years of Reverse Mortgages, I am now seeing LESA - Art_FL on 7/22/19 9:10am
 Thanks for the great article. Yes, RM requirements have -  MW/VA on 7/22/19 1:20pm
 Re: After years of Reverse Mortgages, I am now seeing LESA -  Amigoaz on 7/22/19 5:03pm
 I had one yesterday - the person owed 6 years of back taxes. -  Scriba/NM on 7/23/19 2:19pm



 
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