H.U.D. Reverse Mortgage Policy Change – Short Fuse!
If you wish to consider how your reverse mortgage would help you under current law versus the new law, you had better contact and meet with your reverse mortgage expert before Sept. 14.
On August 29, the Federal office of Housing and Urban Development, which oversees the federal backing of reverse mortgages, announced changes in the reverse mortgage policy.
I am not going to get into the technical aspects of the change.
Many people are told that a reverse mortgage makes sense for them – and they sit on the sidelines waiting, thinking that they have no need to rush. Now is the time to at least have the meeting!
If a reverse mortgage might make sense for you and if you or your spouse are age 62 or older – then you should meet with a reverse mortgage specialist ASAP.
If you’re not sure – call us.
The net result of the change – you may not be able to get as much out of your home after the change is made. So it is imperative to move now just to know your options – how this change impacts you.
Timing? Working backwards, you need to be assigned a case number by Sept 29; you need a 7 day cooling off period, therefore you need to have met and have all your numbers run by Sept 21. However, mortgage professionals are likely to be overrun by this change. So meet with you mortgage professional by Sept 5-14.
Reverse Mortgages: A great financial planning tool applied in the correct situations – often misunderstood. This blog is not intended to cover the entire topic of reverse mortgages – but let’s just say they will be a very important tool in the years to come. We would be glad to give you an overview of reverse mortgages – but you need to meet with a reverse mortgage specialist.