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Is a Life Expectancy Set-Aside (LESA) a Possibility?

This information is provided for illustrative purposes only. An underwriter will determine any potential set-aside in addition to the borrower's qualification during loan processing. Reverse mortgage loans may not be appropriate for certain individuals and restrictions may prevent a homeowner from obtaining a reverse mortgage loan.

Does the borrower have good credit and no property charge issues?

Yes

No

Did the borrower pass the residual income test?

Yes

No

Collect required documents and proceed normally.

Are there compensating factors?

Yes

No

Collect required documents and proceed normally.

A fully funded or partially funded LESA will be required.

Are there extenuating circumstances?

Yes

No

Did the borrower pass the residual income test?

Yes

No

Are there compensating factors?

Yes

No

Collect required documents and proceed normally.

A fully funded or partially funded LESA will be required.

Collect required documents and proceed normally.

A fully funded LESA will be required.

Land Home Financial Services, Inc. is an Equal Housing Opportunity Lender . The rates, loan programs, fees, options and guidelines in any loan scenario shown: (i) are for illustrative purposes only; (ii) are subject to change without notice; (iii) are subject to restrictions; (iv) will not apply to all borrowers or situations; and (v) do not represent a commitment to lend. Land Home operates only in states where it is authorized to conduct business. Branch location: 1355 Willow Way, Suite 250, Concord, CA 94520. NMLS #1796. To view states licenses go to NMLS Consumer Access or click here.

© 2024 Land Home Financial Services, Inc.