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New York governor pushes new reverse mortgage regulations

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Mortgage Professional America | 11 Jan 2017, 08:15 AM Agree 0
New York’s governor wants to increase protections for seniors and expand regulations on reverse mortgages
  • Mortgage Joe | | 11 Jan 2017, 11:57 AM Agree 0
    Whatever Cuomo... The seniors MUST ATTEND a MANDATORY Class put on by a third party before they can get a reverse mortgage. 99.999% sure that between the lender and the class, they've been told taxes and insurance must be paid multiple times. Told multiple times, sign paperwork saying they understand, but magically swear they were mislead?? NOT falling for it.
  • Don | | 11 Jan 2017, 02:15 PM Agree 0
    Grandstanding by Mr. Cuomo once again. Obviously, he knows nothing of the process. HUD requires applicants attend reverse mortgage counseling by a HUD approved counselor/counseling agency. Besides, ALL the literature on reverse mortgages CLEARLY states property taxes, home insurance, etc are to be paid by the homeowner unless mandated that funds are set aside to make payments on behalf of the borrower of a reverse mortgage. Politicians!!!!
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