Our Reverse Mortgage Blog

On July 19th, the State of Washington corrected a problem causing many lenders to leave Washington back on June 12, 2008.  Previously exempt mortgage bankers then had to be licensed under the Consumer Loan Act. Provisions within that Act prohibited lenders licensed under the Act to originate any mortgage that had negative amortization. Reverse mortgages operate in this manner. The result was that only FDIC banks that do not have to adhere to State laws like this one, were the only places left to get a reverse mortgage.

This has no changed. Since July 19, lenders licensed under the Consumer Loan Act will once again be able to do reverse mortgage loans. This provides increased competition and has already proven to be a winner for senior consumers. All lenders offering reverse mortgages will still originate and process your loan in the same way, using guidelines set forth by HUD. An even playing field with more choices for you.

Thanks to the State for acknowledging their error and only taking a little over 1 year to fix the problem!

Posted by GW Smith - MLO#53963 on September 12th, 2009 9:38 AMPost a Comment (0)
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Certified Senior Advisors (CSAs) have supplemented their individual professional licenses, credentials, and education with knowledge about aging and working with seniors. The CSA designation alone does not imply expertise in financial, health or social matters. For details, visit www.csa.us. Gary W Smith, CSA is a member in good standing of this Society.

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