November 6th, 2020
Palos Verdes Seniors will be effected by new rules coming into play shortly for Reverse Mortgage.
HUD has announced new reverse mortgage regulations (previously dated to go into effect March 2nd 2015) have been delayed until sometime in April 2015.
Currently Palos Verdes Seniors with equity in their home can (literally) be 1 day away from a trust deed sale, or BK and still can qualify for a cash out refinance or to purchase their next home with no qualifying!
That will end in April when seniors will have to qualify based on income, credit and debt to income ratios.
California residents have a shorter period a time as they must participate in mandatory housing counseling which can take up to 2 weeks to get an appt. and then wait for a “7 day cooling off period” to expire.
Senior citizens struggling to keep their home have just a few weeks left to get a reverse mortgage without a financial assessment which may exclude or reduce benefits for up to 50% of reverse mortgage applicants.
If you are one of the Palos Verdes Seniors considering a Reverse Mortgage and having a bit of financial difficulty, the window of opportunity to take advantgae of more lenient rules is quickly closing. Almost 25% of the population of Palos Verdes Estates are in the Palos Verdes Seniors age category as defined for Reverse Mortgages, not an insignificant number. Please use the share buttons here to let those you know and care about it, aware of these changes. Continue below the Palos Verdes Demographics section to learn more information.
There’s a wonderful resource for Palos Verdes Seniors that I would like to introduce you to. www.PVSeniors.org. Their mission statement: “To offer activities and services that enhance and enrich the lives of senior adults living on the Palos Verdes Peninsula and surrounding areas.”
Many Palos Verdes Seniors find that the decision and inherent benefits of taking out a Reverse Mortgage must be compared and contrasted with the benefits of simply selling their property. I’ve found that my clients appreciate a more consultative approach which I take so that information from all sides of the issue can be studied. That way, an increased level of confidence can be made with either type of decision: sell, do nothing, take out a reverse mortgage.
What’s most important here is you, the client, having the peace of mind that comes from you knowing that you’ve done everything to get the information you need to make a decision that is in YOUR BEST INTERESTS! I’m here to help. The first step in gathering information about whether or not selling is in your interests, is simply to find out what buyers in today’s market might actually pay for your home. Here’s a good starting point
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