Borrower who would like to obtain a HECM and pay off their existing forward loan. They have only been in their home for 4 months. Am I able to do this loan? They have no other property.
At least one borrower must have been on title to the subject property for a minimum of 12 months unless one of the following scenarios exists:
- Purchase transaction
- The property was recently purchased
- The borrower inherited the property evidenced by supporting documentation (probate documents, Transfer Deed, etc.)
- Borrower obtained title to the property from an immediate family member. Additional documentation evidencing the borrower(s) have been occupying the property as a primary residence must be provided.