The letter we expected from HUD came out and any reverse mortgage with an application signed after the 30th of September will be reduced by 10%. Moving forward, as this industry continues to change and evolve it is important to get the education and make a decision. While we never want to make snap decision we need to get the most education we can and make the right decision. I had talked to many clients who wanted to wait for the market to turn and now with a 10% reduction the market has to turn more to make the reverse mortgage work in their situation.
Lets take the time to talk about the program before HUD decided to penalize seniors again.
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