New rule may make it tougher to get reverse mortgage

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Getting a reverse mortgage may sound like the answer to a homeowner’s financial issues. Instead of the homeowner paying the lender every month as in a conventional mortgage, in a reverse mortgage, the lender sends a monthly check to the homeowner. A new rule may make it tougher to get a reverse mortgage.

New Rules for Reverse Mortgages.. the government is changing the reverse mortgage rules again. And the changes, which affect the cost of insurance and borrowing limits, are a mixed bag for.

New Rules Could Make it Harder to Get a Reverse Mortgage. Taking out a reverse mortgage can generate another source of income in retirement. Unfortunately for many, it just became a lot more difficult to qualify. In April 2015, the Federal housing administration (fha) enforced new guidelines regarding who can get approved for a loan.

The Bad News: The new rule. Reverse Mortgage Make Sense?: It all depends on your situation. If you need cash for expenses, and you have equity in your home, a reverse mortgage may be a good option..

New rules will make applicants prove they’re good risks. Under the new rules (which sprang from a 2013 law ), to get a reverse mortgage, you’ll now be subject to what’s known as a "financial assessment" – much like what lenders do when sizing up applicants for regular mortgages. lenders will now review the income, cash flow and credit reports of prospects.

The home on which the reverse mortgage is to be secured must be the principal residence of the applicants. No other debts – including a traditional mortgage – may be secured by that home. However, a small remaining mortgage balance can (and must be) paid off if.

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"New federal rules that kicked in last month may make it harder for some people to qualify for reverse mortgages," writes Next Avenue’s Richard Eisenberg. "But they’ll also make it more likely that those who do receive reverse mortgages will have fewer worries about them."

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