Find out more about the benefits of a reverse mortgage by speaking with a mortgage professional at 877-889-7474
(PRWEB) March 19, 2015
Kevin Leonard and his reverse mortgage department compare January with last January’s year to date results. The information was sent to the team from Reverse Market Insight a provider of data, analysis and portfolio valuation services for the reverse mortgage industry. A single month comparison can be potentially misleading since endorsements are typically less managed than applications or funding. But it is useful to know about how much the industry has transformed in the past twelve months. According to the reverse mortgage information website, January was down -2.3% from the prior year, which is almost the same as the -2.5% drop from 2013 to 2014 for the month. Florida was the fastest growing state among the top 10, rising 15.2% and rising back above Texas to claim #2. Baltimore and Las Vegas both had massive growth figures at 100% and 85.7%, respectively, but top ranked Los Angeles reverse mortgages impressed with 23.8% as the largest city for HECM volume. The group works with many lenders that offer senior bank services, including credit cards, retirement options and investments.
Effective in late April 2015, borrowers will have to pass a financial assessment before they can take out a reverse mortgage. The new guidelines will make it more difficult to be approved for a reverse mortgage. The new financial assessment rule, which applies to the Home Equity Conversion Mortgage (HECM) reverse mortgage program requires the borrowers to demonstrate the ability to pay insurance premiums, and property taxes on the property. The new financial assessment rule will have lenders looking at the borrowers' income and credit histories to ensure they can meet their financial obligations. Kevin Leonard and his team have local reverse mortgage experts that will visit the applying senior at their home or place of business to discuss the HECM. For more information about applying for a reverse mortgage in Los Angeles or anywhere in the United States contact the office directly.
Kevin Leonard began in the mortgage business in 1997 and since then he has become one of the leading mortgage experts in the country, and has earned national acclaim for his efforts. Mr. Leonard prides himself in offering constant communication with his clients so that they have a full understanding of the loan process from start to finish. He is personally responsible for thousands of fundings, and along with his team, he has over 5 billion in residential loans funded to his credit. Mr. Leonard has a full understating of the loan process from start to finish, and also consults with a long list of mortgage bankers in the secondary market. There are few, if any, that have the experience that Kevin Leonard has in the mortgage industry. He was one of the first to register with NMLS in 2008 when it was first instituted, and currently is licensed in the state of California as a loan originator. His team is comprised of the top real estate brokers in Costa Mesa because of the team’s fast pre-approvals with the ability to fund purchase loans quickly. To find out more about Los Angeles reverse mortgage rates , click on the highlighted link.
Phone: (877) 889-7474