Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] | <– Date –> <– Thread –> |
From: R Philip Dowds (rpdowdscomcast.net) | |
Date: Sun, 30 Mar 2014 09:12:42 -0700 (PDT) |
At Cornerstone, we recently consensed our way through a special assessment worth an average of $2K per household for the purpose of major capital improvements. There was much concern about putting too much financial pressure on struggling households — we had some theories, but no real information about this. “Means testing” was discussed, but promptly dismissed as too intrusive for a small community of neighbors. So we went to an assessment that was 25% mandatory and 75% voluntary; any household could step away from the 75% voluntary “fair share” if it felt like a financial hardship. Totally up to the household: no explanation, no evidence requested or needed. In the end, every household but one paid the full 100%, and one paid half the fair share. So the two lessons we take away from this are … We can deal with communal financial issues without getting involved in members' personal financial situations; and People often have more money than you think they do. Or at least, are more willing to invest in the community than you first suppose. As a sidebar … I am aware of situations where cohos, or select members thereof, contribute money to a household in exchange for a mortgage on the unit; the money returns to the lender upon the sale of the unit. This is a certainly a way that cohos can become, in effect, their own bankers, and escape the strictures of FHA-insured lending. For reverse mortgages, maybe pestering the FHA is more trouble than it’s worth. RPD Cornerstone / Cambridge, MA On Mar 30, 2014, at 11:39 AM, Sharon Villines <sharon [at] sharonvillines.com> wrote: > My concern about this is means testing. People have widely varying > perceptions of their ability to pay and their "necessary" expenses. But how > would we do means testing on neighbors and friends?
- Re: Petition for FHA & Other FHA refusals, (continued)
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Re: Petition for FHA & Other FHA refusals R Philip Dowds, March 28 2014
- Re: Petition for FHA & Other FHA refusals Patricia Lautner, March 29 2014
- Re: Petition for FHA & Other FHA refusals David L. Mandel, March 29 2014
- Reverse Mortgages [Petition for FHA & Other FHA refusals] Sharon Villines, March 30 2014
- Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] R Philip Dowds, March 30 2014
- Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] Sharon Villines, March 30 2014
- Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] Patricia Lautner, March 30 2014
- Voluntary Contributions Kathryn McCamant, March 31 2014
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Re: Petition for FHA & Other FHA refusals R Philip Dowds, March 28 2014
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