HUD is changing the rules for doing reverse mortgages as of March 2, 2015. These anticipated changes are creating a rush by reverse mortgage applicants to get grandfathered in under the old less stringent rules. One of the current requirements for obtaining a reverse mortgage is that applicants must go through counseling with an FHA approved counselor. Because time is running out before the changes take effect, counselors are getting booked up and people are experiencing a difficult time arranging for their counseling session. Reverse mortgage specialist are advising prospects to get their counseling done ASAP. If you decide to get a reverse mortgage, then you will have a much better chance to get in before the deadline. The counseling certificate is good for 6 months.
If you are considering using a purchase reverse mortgage to buy a home in Ocean Hills Country Club, I can put you in touch with a reverse mortgage specialist. Just contact me, Gary Harmon, your Seniors Real Estate Specialist.
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