To expand on our previous post about requirements forĀ non-HECM lien seasoning, we have some frequently asked questions below: 1. IfĀ I took out a loan in the past 12 months but drew less than $500 at closing or through draws after closing, can the lien be paid off through closing? Yes.
Reverse Mortgage Seasoning Requirements (for Existing Non-HECM Mortgage Liens)
Change is in the air. Mortgagee Letter ML 2014-21Ā spelled out a few new changes to the HECM reverse mortgage program. TheĀ one change garnering all of the attentionĀ has been financial assessment, which starts 3/2/15, however theĀ change to the reverse mortgage seasoning requirement deserves some attention as well and it begins much sooner; 12/15/14. Effective for case …
Continue reading “Reverse Mortgage Seasoning Requirements (for Existing Non-HECM Mortgage Liens)”