Items Tagged with 'HECMS'


  • The problem with getting a reverse mortgage on a condo

    With FHA spot approval a distant memory, originators struggle to help condo owners secure a HECM
    Ever since the FHA eliminated spot approvals for condominiums, reverse mortgage originators have logged countless hours helping prospective borrowers secure a HECM on their condo – sometimes to no avail. And, with HUD dragging its feet on finalizing rules that would bring back spot approval for FHA loans, it doesn't seem like things will change any time soon. Will non-agency reverses provide the answer?
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  • How to close an FHA-backed reverse mortgage

    Sales pro offers tips for mastering the art of HECM origination
    Reverse mortgages are somewhat complicated loans designed for older borrowers, and this means that originating them requires a special touch – one that John Luddy has down pat. Known to many in the reverse space for his clever tips for connecting with senior borrowers, Luddy sat down with ReverseReview to share three of his most common roadblocks to closing a HECM and ideas on how to overcome them.
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