To expand on our previous post about requirements for non-HECM lien seasoning, we have some frequently asked questions below: 1. If I took out a loan in the past 12 months but drew less than $500 at closing or through draws after closing, can the lien be paid off through closing? Yes.
Reverse Mortgage Seasoning Requirements (for Existing Non-HECM Mortgage Liens)
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 …
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