HECM Refinances Difficult in Current Economic Climate: "While HECM refinances played a big role in reverse mortgage endorsement volume for FY 2009, Generation Mortgage Chairman Jeff Lewis notes that the current economic climate has stepped in to change that.
For a HECM refinance to be possible, either the value of the home has to rise or the person has to get a lot older. And even if the person might get more from being older, the house would still need to be at least back where it was when the reverse mortgage was taken out. “Given how difficult it is in this appraisal context, [it’s] hard to think of many cases when a refinance would be possible, “ said Lewis in a conversation with RMD."
Friday, February 5, 2010
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