Items Tagged with 'tax and insurance'


  • NRMLA Presents Financial Assessment Recommendations

    Members of the NRMLA executive staff met with Karin Hill, Director of the Office of Single Family Program Development and other staff members at the Department of Housing and Urban Development (HUD) to discuss the financial assessment of HECM borrowers and other issues related to the program. In conjunction with discussing the potential financial assessment of HECM borrower's ability to maintain their tax and insurance payment obligations, NRMLA Executive Vice President Steve Irwin submitted a letter to Director Hill that detailed the organization's recommendation on the structure of the assessment. NRMLA expressed ongoing support for the concept of a rule
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  • Why is Income Qualifying Surprising?

    One of the basic selling points of the reverse mortgage products in comparison to forward mortgage products has always been, "there is no income or credit score qualifying."  Ask most originators about a reverse mortgage and this will likely be one of their three basic statements about the loan. All of a sudden, HUD indicates that they are working on a new rule that will require lenders to verify a borrower's ability to pay taxes and insurance on their homes as a qualifying event in the processing of their reverse mortgage.  Actually, the news that HUD is finally getting around
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