Change is in the air. Mortgagee Letter ML 2014-21 spelled out a few new changes to the HECM reverse mortgage program. The one change garnering all of the attention has been financial assessment, which starts 3/2/15, however the change to the reverse mortgage seasoning requirement deserves some attention as well and it begins much sooner; 12/15/14. Effective for case …
Continue reading “Reverse Mortgage Seasoning Requirements (for Existing Non-HECM Mortgage Liens)”