Big changes in the RM world coming!

Change is coming March 2nd, big change. These changes will greatly impact the number of seniors who can qualify for a reverse mortgage Florida The reason is, the qualifications will become more difficult. There are also stringent requirements to have cash reserves and to be able to document said reserves the fashion that satisfy the lenders.

As an example if you get any type of pension income you will need to document that that pension income will last for a period 3 years going forward, if you cannot do this, your reserve requirements may not be met. This could clearly disqualify you for loan that you were able to get prior to March 2nd.

Seniors who are serious about reverse mortgages should not delay their decision to move forward. These changes that are coming in less than 4 weeks and will dramatically affect the life of seniors who would have previously been able to get cash, a monthly income, a line of credit and peace of mind as it pertains to their finances. Many seniors may no longer be able to get these due to the new restrictions and requirements by the Housing and Urban Development Department of the US government. Our wonderful government at work... (note a bit of sarcasm).

New requirements start with documented income, liabilities, and the seniors cash flow as it pertains to your income and monthly expenses. Then determinations will be made if the senior has enough of a reserve to cover the expenses. If your reserve is short then the lender may then have the right to hold back funds from a given senior but they normally would qualify for. None of the rules are truly understood by us in the field at this time. It is all still a big learning curve for the entire industry. Things may change and this post may prove to be somewhat inaccurate in the coming months but for now, this is the best information we have to get out to the masses.

Post March 2nd, many seniors will not qualify for these loans leaving them with little recourse to handle their financial situations. If you are a senior over the the age of 62 and are curious how these new rules will impact you, you should speak with financial professional immediately.

In addition to these new guidelines the impact on usable cash may also diminish thus leaving the senior with less financial options to boot.

So in summary, Florida reverse mortgages will be impacted on March 2nd. So, seniors really should take advantage of this program today before it is too late

I am expert Article writer and have lot of experience in mortagage related. Hope you like this article. IIf you like this article do comment on it.