Reverse Review – June 2009 Edition

image The June 2009 issue of the Reverse Review is now available online. This month, Sarah Hulbert focuses on the necessity of all industry participants to educate and dispel myths of the reverse mortgage product by understanding clients’ core needs and values and ensuring that these are consistent with yours. As a mortgage rep, your clients have entrusted you with helping them make the right decisions for their futures. Read more at Reverse Review.

 

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  • Please give some information concerning the release of the Mortgagee Letter for cooperative apartments.

    I have been waiting to close, all paperwork approved.

    It is a very long time and I would like to close.

    I almost went into foreclosure

  • Pat Healy,
    Pat Healy,

    Informally, HUD has notified us that it is close to being released. It will be a massive Mortgagee Letter. It seems not every HECM originator will be able to provide them because of specific requirements.

    We hope we will see this product available before the end of summer but no guarantees. Please hang in there.

    One statement really bothers me and that is: “I have been waiting to close and….” I am not aware that any lender is authorized to accept applications. I also was not aware that any counselor was permitted to provide counseling on this product. You may want to check into this with HUD.

  • Pat Healy,rnPat Healy,rnrnInformally, HUD has notified us that it is close to being released. It will be a massive Mortgagee Letter. It seems not every HECM originator will be able to provide them because of specific requirements.rnrnWe hope we will see this product available before the end of summer but no guarantees. Please hang in there.rnrnOne statement really bothers me and that is: “I have been waiting to close and….” I am not aware that any lender is authorized to accept applications. I also was not aware that any counselor was permitted to provide counseling on this product. You may want to check into this with HUD.

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