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HECM Originators Get Creative to Solve Short-to-Close Issues

“I basically use a pie chart and show borrowers how there appears to be not enough “pie” [equity] in the piece of the pie they qualify for to pay off what they owe on their current mortgage,” she tells RMD. “I then use a calculator to show how much they would need to bring to the closing table to make the loan work. It often surprises me how many who are short to close choose to move forward.”

These clients most often get their funds from a personal account, but occasionally an adult child gifts the funds, she says.

Malcolm Tennant, president of Access Reverse Mortgage Corp., also says he runs into short-to-close issues more regularly since the 2017 HECM changes, and he has developed ways of explaining and calculating how bringing cash to close affects their long term financial picture.

“I encourage borrowers to divide the cash-to-close figure by their monthly [principal and interest] figure to determine their cash flow break-even,” he says. “We had a borrower bring $110,000 to a closing last year. Their P&I payment was $2,000, so in just over 4 1/2 years, their cash flow breaks even. We find the time frame is usually quite acceptable, provided the borrower has a source of funds.

Mortgage rates pull back after last week's sharp increase - The ...

“Mortgage rates held mostly steady this week despite turbulence in the stock market, which saw its third largest weekly decline since the financial crisis,” said Aaron Terrazas, senior economist at Zillow . “For the most part, bond markets saw through this temporary volatility, which has yet to spill over to long-term lending rates. Rates remain at their highest levels since 2011 and are showing few signs of retreating. A steady stream of weak housing data, with more expected over the coming days, have thus far failed to put a dent in rates’ upward momentum.”

The Federal Reserve released the minutes from its September meeting this week. Although the central bank doesn’t set mortgage rates, its decisions influence them. In the minutes, the Fed reiterated its stance that the best way to keep the economy strong is to continue to gradually raise interest rates. The Fed, which raised rates for the third time this year in September, signaled that it would probably hike rates again in December and possibly three more times next year.

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