Financial Freedom recently sent out a notice to brokers that they’re starting to close HECM for purchase loans starting today, January 23, 2009. Unlike one other wholesale lender, Financial Freedom isn’t requiring its brokers have a $10MM net worth either.
Most reverse mortgage lenders are waiting until HUD issues the new HECM for purchase mortgagee letter which is supposed to provide guidance on the program. Once the ML is issued, some wholesale lenders plan to roll out the product to a select group of brokers before they open it up to everyone.
As we wait for the ML, here are a couple HECM for Purchase links that provide some good information.
If anyone is closing a HECM for purchase today, I’m interested to hear how it went. Feel free to leave comments below.