The Federal Housing Administration (FHA) just announced that they will delay implementing the reverse mortgage financial assessment guideline that was set to become effective in less than three weeks. FHA is citing technical difficulties as the reason and expects the new effective date to be within 30 to 60 days of the previous March 2nd target date. FHA announced on Feb. 12th that they will be publishing a new Mortgagee Letter that will outline the new date at which point the financial assessment will turn mandatory. Stay tuned and visit www.reversemortgagebenefit.com for more information.
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