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WHEN WAS THE HECM LTV CHANGED FROM 80% DOWN TO ALMOST 50%? SINCE THE DEVALUATION OF PROPERTY IN THE RECESSION MANY HOMES HAVE NOT

by exp0749345 from West Palm Beach, Florida. May 3rd 2016 Reply


Sara Deere (Mortgagequeen2)
#1 ranked lender in Missouri - 583 contributions

When the financial assessment portion last year was implemented a lot of changes were made to the overall calculations.

May 3rd 2016
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Hi, the HECM was never 80ltv, but it was 60-70% depending on age. It's now 50-70% based on age. You should look for a CRMP, certified reverse mortgage professional, in your area. There are 5 CRMPs in Florida that are in the #1 company in Florida:Www.psreversemortgage.comThanks! Phil

May 4th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

The LTV has never been 80% LTV... they did make changes in the past year or so lowering the allowable LTV, but it's never been at 80%.. the LTV is always based on the age of the youngest applicant, and all applicants must be 62 years or older.. the older you are, the higher the allowable LTV that's allowed. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 4th 2016
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