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“United Northern paid off my old mortgage with the new Reverse Mortgage. Now I don’t run out of money before I run out of month. Not having those mortgage payments has been a Godsend. I am enjoying a much less stressful life!”

Mildred M. – New York

What is a Life Expectancy Set-Aside (LESA)

In the early days a Reverse Mortgage was often used to help seniors who were unable to keep up with the costs of their basic housing. Many factors attributed to this including unforeseen longer life spans, health issues and medical expenses not covered by insurance. Additionally, fewer and fewer Americans were covered by pension plans.

As part of the HECM application process, a financial assessment of a borrower’s ability to maintain the home as well as the expenses that go along with it, is now included. Homeowners who find themselves falling behind on taxes, insurance or mortgage payments may still qualify for a HECM if there is a compelling reason for the issues, such as the loss of a spouse or partner, fraud or health issues. If approved, 

the borrower would be required to pay their property taxes, insurance, homeowners assessment fees (if applicable) and maintain the home according to HUD guidelines.

The program has developed a tool that allows a qualified borrower to take advantage of a LESA or (Life Expectancy Set Aside). If the borrower has enough equity to set aside basic housing expenses like insurance, taxes etc. and meets other requirements, it can be possible that a loan can be approved.

If you find yourself in a hardship situation, please reach out to a member of our Senior Security team. Together, you can determine if a Reverse Mortgage is right for you.

Our mission is to educate our clients to allow informed decision making, and provide outstanding personal and professional service! Contact us today if you feel a reverse mortgage may be right for you.