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Sunday, March 15, 2015

HUD has announced new reverse mortgage regulations

Just a quick update!

HUD has announced  new reverse mortgage regulations  (previously dated to go into effect March 2nd 2015) have been delayed until sometime in April 2015.

Currently a senior citizen with equity in their home can (literally) be 1 day away from a trust deed sale, or BK and still can qualify for a cash out refinance or to  purchase their next home   with no qualifying!

That will end in April when seniors will have to qualify based on income, credit and debt to income ratios.

California residents have a shorter period a time as they must participate in mandatory housing counseling which can take up to 2 weeks to get an appt. and then wait for a “7 day cooling off period” to expire.

Senior citizens struggling to keep their home have just a few weeks left to get a reverse mortgage without a financial assessment which may exclude or reduce benefits for up to 50% of reverse mortgage applicants.

Please note: I’m not certified to originate Reverse Mortgages however my contact and friend of many years is.

CONTACT

PLEASE CALL GARY AT 1-877-311-GARY or VISIT THE MAIN WEBSITE FOR TONS OF INFO AND HOME SEARCHES AT http://www.callgarytoday.com/




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