[WSBAPT] Seeking info on intersection of reverse mortgage and BK

[Dave Culbertson]

Hello, Listmates.

I apologize if this duplicates on more than one list-serv. I'm casting the wide-net to see if somebody has had some experience to clarify the nature of a given reverse mortgage. It is a reverse mortgage with an outfit called "Financial Freedom". It is described as a "Home Equity Conversion Mortgage". It has an "FHA" number, and a line that says "Program type: Line of Credit".

I've been told that older reverse mortgages had problematic default or "cessation of payments" language, which could in some cases threaten losing the home. In contrast, newer reverse mortgages that conform to FHA standards are considered by several practitioners to be safe from this danger.

So far, I've bogged down a bit in getting info from the lender in a timely manner. In the meantime, I'm wondering if anybody has any experience with Financial Freedom and its reverse mortgage program, to shed some light on whether they do all FHA mortgages, or anything that might help to identify this one as that type of mortgage.

Best Regards,

Dave Culbertson

The Law Office of Davisson Culbertson, PLLC
19929 Ballinger Way NE
Suite 210
Shoreline, WA 98102

Office Line: (425) 252-0300
Cell:  (206) 478-8134
FAX: (866) 867-7796

dculbertson at culbertsonlawoffice.com<mailto:dculbertson at culbertsonlawoffice.com>




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