About five years ago, David Michael saw a need. And that is how Fidelity Homestead Associates of Westlake, Ohio, got started. “I was a reverse mortgage loan officer and branch manager in Cleveland,” he recalls. “I would spend hours and hours on the phone with my clients during the process, and I got close to them. Toward the end, as we got closer to closing, we’d often have a problem where we couldn’t find people to fix the roof, the pipes, or whatever FHA required.
How One Former Loan Officer Handles Reverse Mortgage Eligibility Obstacles
It is well-known that certain upgrades may be required by the Federal Housing Administration for someone to be eligible for a reverse mortgage, but there is a side of these types of situations that is often overlooked.
In many cases, the driving force behind applying for a reverse mortgage in the first place is to gain extra funds, so the chance of a reverse mortgage applicant having extra money sitting around for renovations they didn’t think they needed is slim to none.