Legacy Reverse Mortgage Lenders to Provide Reverse Mortgages Regardless of Government Shut Down
Reverse mortgage lenders at Legacy Reverse Mortgage's in San Diego, CA will continue working hard for HECM program participants, as to not be affected by the current government shutdown.
Online, October 2, 2013 (Newswire.com) - Monday marked the first government shutdown since 1996. Many government entities are affected, including the Federal Housing Administration (FHA) which oversees the Home Equity Conversion Mortgage, or HECM, the federal government's version of the reverse mortgage. Based out of San Diego, CA, reverse mortgage lenders at Legacy Reverse Mortgage will continue to offer the HECM regardless of the government shutdown.
"We've received a lot of calls asking how the shutdown will affect our clients and prospective clients," says Todd Ausherman, COO of Legacy Reverse Mortgage, a reverse mortgage lender. "We are still business as usual. It's something we are watching closely, but we do not see our client's interest affected in the near term. Nevertheless, this is something that we would like to see resolved quickly to the betterment of all Americans."
Reverse mortgage lending is primarily centered on the HECM reverse mortgage program. With such a strong government presence in the reverse mortgage-lending arena, concerns that the program's participants will be affected are expected, but not something that people need to fear for now.
"Our sources in Washington have assured us that the FHA will not be significantly affected provided the shutdown is brief," says Ausherman. "Any delays that may result from this unfortunate occurrence will be met with hard work from our staff. The potential impact, if any, will be minimized. If there are less people working to get the job done at HUD, there will be more reverse mortgage lenders making sure the job gets done at Legacy."