Borrower has NO income and NO assets? He will not be able to apply for Social Security for 3 more years. He has a home appraised at 500K free and clear and pretty bad credit, probably a LESA candidate at best (75K in lifetime LESA set aside). Will the HECM program work for this borrower?
The borrower must be able to meet residual income guidelines for FA which, would include documentation of income per FHA HECM program criteria.