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HECM Reverse Mortgage Financial Assessment

The HECM financial assessment evaluates sources of income including liquid assets. It will consider the existing mortgages that are paid off from the proceeds of the reverse mortgage so no longer having mortgage payments will make it easier to qualify.

Satisfactory credit includes all housing or mortgage payments paid on time in the last 12 months, have no more than two 30 day late payments on installment debt in the last year and no major derogatory credit issues in the last twelve months. There will be consideration for extenuating circumstances and compensating factors. If income or credit doesn’t meet the standards a set aside account may be required to fund future property taxes and homeowner’s insurance. In some cases, borrower’s may be declined because of the assessment. The purpose is to measure the borrower’s willingness and ability to meet financial and homeownership obligations. The HECM reverse mortgage is not intended to be a short term ‘fix’ but provide long term solutions. The assessment should help meet those goals.

Maggie O’Connell

New California Counseling Rule

California Reverse Mortgage Borrowers Have Seven Day Cooling Off Period From Counseling Session to HECM Application (Effective Jan. 1, 2015)

Be Prepared for Counseling prior to scheduling appointment.






Call Maggie O’Connell to request the required documentation and find a HECM Counselor


A selection of web, newspaper and magazine articles related to Reverse Mortgages

Finding a Reverse Mortgage Use for Every Income Bracket by Alex Spanko, June 19th, 2017

Reverse mortgages: A personal look by Terry Savage, May 26, 2017

Strapped retirees are turning to reverse mortgages by Anna Robaton, June 28, 2016

How to use a reverse mortgage to protect your retirement income by Robert Powell, Nov. 11, 2015

The Case for Reverse Mortgages by Wade Pfau, Dec. 1, 2014

FHA healthier than subsidy from U.S. Treasury suggests -official By Margaret Chadbourn, Reuters, Oct.28,2013

FHA Sounds Alarm on CBO Data by Christina Mlynski Housingwire Oct.23,2013

Social Security’s Real Retirement Age is 70 by Alicia H. Munnell Oct.23,2013

New Rules Could Revive Reverse Mortgages MarketWatch Oct. 9, 2013

Reverse Mortgages Can Benefit Retirees Both Wealthy and Not By Kelly Green Wall Street Journal Aug.16,2013

A great reverse mortgage idea: Take a credit line now Jane Bryant Quinn Aug.15,2013

Tips for a Successful Reverse Mortgage Purchase Transaction VIDEO Maggie’s You Tube Channel April 1, 2013Reverse Mortgage Redo By Anne Tergesen Feb 10, 2013

In Hard Economy for All Ages, Older Isn’t Better … It’s Brutal By Catherine Rampell Feb 2, 2013

What’s Right With Reverse MortgagesBy Jack Guttentag October 22, 2012

Reversing the Negative View of Reverse Mortgages By Alicia Munnell August 7, 2012

Reverse Mortgage Safeguards Overwhelm Consumers By Tom Kelly Aug 22, 2012

Senior Survey: Reversing Views on Reverse Mortgages By Maria Wood June 14, 2012

Report Highlights a Rise in Reverse Mortgages By Edward Wyatt June 28, 2012

Counting on an Inheritance? Count Again. June 11, 2012

Reverse mortgages are one source of income after retirement June 4, 2012

Today’s Money: June 2012
Pros and Cons of Reverse Mortgages (video)

Statesman June 2, 2012
Reverse mortgages become planning tool

Reverse Mortgages: Now OK March 28, 2012

NBC Today Show March 21, 2012
Experts Tell Viewers, “Inheritance is Not a Right”.

Time Moneyland, Published March 16, 2012
Reverse Mortgages More Popular With Younger Homeowners

Washington Post, Published March 16, 2012
Reverse mortgages can be beneficial, if you know how to use them

New York Times Article – March 8, 2012
Aging Stars in a New Role: TV Pitchman

Senior Housing News Article – Feb. 13, 2012
Will the Nation Go Broke Paying for Senior Housing & Long-Term Care?

US News January 30, 2012
Reverse Mortgages Have Big Potential

Sun-Sentinel January 21, 2012
Bailing on a Reverse Mortgage?

Fox Business January 18, 2012
Who Should Do A Reverse Mortgage?

New York Daily News January 18, 2012
Four Ways For Retirees To Create Income

AARP, The Magazine-November 2011
4 Ways to Get Cash Out of Your House

Financial Planning Magazine-November 2011
Going Into Reverse

The Washington Post-November 4, 2011
Reverse Mortgages Can Be Good Option for Seniors

Reuters-October 27, 2011
Stern Advice: Reverse Mortgages Appeal to Younger Borrowers

New England Cable News Network-October 26, 2011
Reverse Mortgage Expert on How They Can Help

The New York Times-June 24, 2011
Reverse Mortgages Here to Stay

The Macomb Daily (MI)-April 21, 2011
Research Refutes Reverse Mortgage Critics

MSN Money – March 9, 2011
A Deal That Could Save Your Parents

The Chicago Sun- January 31, 2011
Understand Reverse Mortgage Options

Wall Street Journal- January 8, 2011
The Reverse Mortgage Gets a Makeover

Scripps Howard News Service – January 7, 2011
Reverse Mortgages Become Affordable

Listen to more reverse mortgage audio clips and podcasts including actual audio client testimonials, and more reverse mortgage explanations from Maggie!
Plus listen to a NEW posting – Maggie saves a client’s home.

Non-recourse loans, Mortgage Insurance, Home Values and HECM Loans– Tom Kelly, West Side Leader, October 2008 (pdf file)

Listen as Maggie explains the reverse mortgage basics ( Windows Media Player)

Interview with former ex-San Francisco Mayor Willie Brown on KQKE

Reverse Mortgage Seen as Way to Keep Parents Safe and Healthy, Study Finds By Jennifer Lock February 7, 2005 Rocklin and Roseville Today (pdf file)

Reversing Fortunes: Mortgage options ease burdens By David Morrill
2004 ANG Newspapers (pdf file)