Maine’s Reverse Mortgage Expert Helps Maine Residents Prep for New Regulations

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New regulations regarding reverse mortgages in Maine are right around the corner; a specialist in the field will be necessary to navigate these new legal waters.

December 15, 2012

For anyone who has been looking at buying a new home, getting a mortgage, or getting a reverse mortgage in Boothbay Harbor, Brunswick. Camden, Kennebunk, or Portland, ME, it is important to understand that things are about to change. New regulations being passed down from the federal level are going to have a major impact on financing mortgages come January 2013. The ink is still wet and some of these documents have not even been completed yet. What this means for lenders is some period of uncertainty in the near future when it comes to borrowing. As an experienced reverse mortgage loan officer in Maine, Jerry Jalbert has been keenly reviewing anything and everything he can on the new regulations so that he can best assist clients.

While Jalbert advises that many things will stay the same, there are some new rules that could have a major impact on Maine reverse mortgages. Many of the regulations are designed regarding traditional mortgages. The reasoning behind this is major lenders and governmental lenders such as Housing and Urban Development, or HUD, have been working toward encouraging growth and stability in the housing market. In so doing, regulations and lending practices were relaxed slightly. When that happened, there were still numerous borrowers who were unable to make payments and certain programs have lost a lot of money. To prevent another upheaval in the market, regulations are getting stricter. This means it will be more difficult to borrow for those who were right on the line with previous regulations. Many who would have been accepted previously will now be turned down.

For many people searching for a reverse mortgage in Maine, there will effectively be little or no change. Still, with the stricter rules, it is beneficial for borrowers to seek out the advice of someone who specializes in reverse mortgages. The reverse mortgage expert can help clients get all their supporting documents in order, walk them through the process, and help promote their case for the reverse mortgage to underwriters. Having someone in the business on the same side can be a major boon for anyone looking to borrow from a bank or financial institution. They have been through the process several times. They understand what the underwriters are looking for and what potential borrowers need to show them. This is going to be even more important as banks and lenders begin to deal with new regulations regarding mortgages.

About Maine’s Reverse Mortgage Expert: Jerry Jalbert has always called Maine home. For the past several years, he has worked with area banking institutions as a reverse mortgage loan officer and enjoys working with members of the community to be able to get the most from their money and home equity. Mr. Jalbert works on reverse mortgages in Boothbay, Maine as well as Kennebunkport, Brunswick, Camden, and Portland, ME.

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