DISCOVER LENDING, INC.,   303-400-1492

Specializing in Reverse Mortgages

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The Department of Housing and Urban Development (HUD) changes to the Home Equity Conversion Mortgage effective April 27, 2015 will improve security for Reverse Mortgage borrowers.  The requirement of a Financial Assessment to ensure borrowers have the capacity and willingness to meet their financial obligations along with the terms of the Reverse Mortgage; and the requirement of a LESA (Life Expectancy Set Aside) at closing for the payment of property taxes and insurance based on the results of the Financial Assessment. 

“Our goal here is to make certain our reverse mortgage is a financially sustainable option for seniors that will allow them to age in place in their own homes” said Federal Housing Commissioner Carol Gallante.

The changes will improve the future performance of the Reverse Mortgage, more accurately the Home Equity Conversion Mortgage and help preserve a program that allows our baby boomers to remain productive, vital members of their communities.  Most importantly, these changes mean age 62+ borrowers who choose a HECM will be set up for financial success.  The new and improved product will likely be embraced by Financial Consultants and trusted advisors as a safe retirement tool that can help ensure future cash flow with tax free dollars.

The new Reverse Mortgage (HECM) can be used in numerous ways to ensure a comfortable retirement - 

                    Defer Social Security to maximize future benefits. 

                    Help to sustain an active lifestyle

                   Protect home equity from nursing home costs    

                   Fund long term care    

The best news is that borrowers still have no requirement to make monthly payments, can receive monthly payments for life, a lumps sum, or a Line of Credit insured to grow as long as you live in the home. 

Cecilia Delgado is President of Discover Lending, Inc. and is a nationally recognized reverse mortgage professional.  She has been featured on ESPN radio, KPraise radio, National Mortgage News, and MBA magazine.  For a no pressure consultation call-