Reverse Mortgage Funding, LLC filed for bankruptcy protection December 1, 2022. By December 6, 2022 monthly disbursements were approved by the courts to continue without interruption. What does this mean for you if you have a reverse mortgage with RMF? For the most part, nothing. One of the protections you get with the FHA backed HECM is access to your equity. Your loan is not affected because your lender went out of business.
Next big change is that Finance of America Reverse has acquired American Advisors Group (AAG), one of the largest reverse mortgage lenders. If you have a FHA HECM with AAG nothing will change regarding your loan. Finance America Reverse is one of the lenders that we have brokered reverse mortgages to for over 5 years.
If you have inquired about a reverse mortgage in the last 30 to 60 days, you may want to consider requalifying with us. Interest rates have come down in the last 30 days, so the amount of equity available through a reverse mortgage has now increased.
As a Mortgage Broker we are able to stay ahead of these changes so that our Customers don’t get caught up in the problems our industry faces. We expect more changes as we head into the first quarter of 2023 and remain ready for whatever that may look like!
I am are here to answer any questions you might have in this ever changing market. If you have any questions at all, please give me a call.
Cell/Text: 916-813-4213 | Office: 928-202-4270
Traci L. Ranic – NMLS 17167
Frontier Financial of Arizona
Mortgage Broker & Planner | Reverse Mortgage Specialist
Read the full article on Reverse Mortgage Funding, LLC bankruptcy HERE
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