POSTED 10/16/2009
Hello Everyone!
There have been a few changes in the Reverse Mortgage industry that I think you should know about. This heavily regulated HECM program is about the only thing that senior citizens can count on. Some of the new regulations are (and mind you... it may change again next year):
1. As of October 1, 2009, seniors will get approx 9% less tax-free money from the program. It's not a lot and it's designed to spread the wealth.
2. Condominum complexes (where you pay association dues or condo dues) must now be approved by HUD. It takes approximately 4 months for the approval of your association. If not approved by, no company can take your application.
4. You must be counseled by a certified HUD Housing Counselor before any processing can be done on your application.
You may contact me at anytime for any additional information. After 8 years, I have seen regulations change again and again. But, the rules of the Reverse Mortgage and how it works has not!! No one will take your home. This program is set up to help seniors stay in their homes. Your name stays on the title forever. They won't come after the kids or the rest of your estate. And ... the award amount is tax free and does not affect your social security or medicare benefits.
Investigate the program thoroughly. Talk to a trusted advisor first. (866) 638-3307
Reverse Mortgage Consultant (RMC)
Certified Senior Advisor (CSA)
