 Has your Reverse Mortgage been turned down?Monday, March 22, 2010 - Article by: Anthony- Your Reverse Mortgage Specialist -
To speak with a HECM FHA Expert Call: (866) 432-0668 Through my time helping Seniors with reverse mortgages I regularly run across homeowners who say their reverse mortgage has been turned down by another reverse mortgage lender. In most of those cases, I have been able to take the turned down file and close it with anther lender (over 50% of the time). As long as its not because of low equity but for most other reasons. To speak with a HECM FHA Expert Call: (866) 432-0668 A few of the examples of which I have been able to take a turned down reverse mortgage and close it. ~ Unique Property Type ~ Appraisal Issues (in some cases can be resolved) ~ Log Homes ~ Private Road Issues ~ Other Title Issues ~ Trusts ~ Manufactured Homes ~ Foundation Issues ~ Underground Homes ~ Home Repairs ~ One borrower under age 62 and one over. ~ In some cases small shortfalls. There are many reasons why a homeowner may be turned down from a lender, I will be glad to give you a 2nd opinion. I only do reverse mortgages and am able to get a quick idea as to whether or not I will be able to help with your reverse mortgage. Experience does make the difference, with 7+ years of helping Seniors achieve their retirement goals with reverse mortgages, I am glad to say very few offer more experience than I. I have many happy clients who were previously told no by another lender that I was able to help! To speak with a HECM FHA Expert Call: (866) 432-0668 |
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joanna_233_640 May 16, 2012 at 5:11pm PDT
I own a log home in a rural area and was working with a lender to do a reverse mortgage. I was told by the lender that their investor required that all sales comparables be log homes that have been sold within a 20 mile radius. That is extremely restrictive, especially in this economy, and may prevent us from being able to get an appraisal. Is that a common requirement in the reverse mortgage industry?