As we look to finish up the year on a strong note, SimpleReverse powered by GMFS is happy to announce 2 product enhancements that take effect immediately for any loans you are currently working on.

1. 6% Seller Concessions Now Allowed on FHA Reverse Mortgage Purchase Transactions
     2.  Revocable Trusts Now Permitted in the State of Texas

Seller Concessions Now Allowed on FHA Reverse Mortgage Purchase Transactions

FHA will now allow interested party concesssions of up to 6% on a HECM for Purchase transaction, aligning more closely with acceptable practices on FHA foward loans. FHA defines “Interested Party” as a seller, builder, developer, real estate agent, mortgagee, third-party orginator or other party with an interest in the transaction. This change now makes the Reverse for Purchase transaction even more viable by normalizing the process when compared to long standing traditional loan policies and will help to make the Reverse for Purchase an even more accepted loan to help more seniors purchase homes moving forward!

Revocable Trusts Now Permitted in the State of Texas

For those of you doing loans in TX, this allows you to close reverse mortgage loans in a Revocable Trust! Thanks to the work of our trust attorney, Paul Lovegrove, we can now close Revocable Trust loans in TX. We can only do Revocable Trusts and there are a couple of requirements that must be met:
1. All beneficiaries must be eligible HECM borrowers
      2. Each Trustee must be a primary beneficiary of the trust and reside in the property
      3. Attorney opinion letter approving the trust must come from Paul Lovegrove as the attorney (he is our trust attorney)
      4. Preliminary Title Report must come from Senior Settlement Services, Inc as the title company for the loan

If you have any questions about either of these new product enhancements and how they can help you close more reverse mortgage loans or if you have any other questions, please reach out to me directly for more information at (765)760-8931 or [email protected]

Or, if you need marketing assistance and want to learn more about the tools available from Simple Reverse to help you market for and grow your reverse mortgage business in the coming year or for more information on submitting loans to Simple Reverse please let me know.

Thanks again for your continued business, partnership and support! Good Selling!!!