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Retirees: Reverse Mortgage changes

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jkom51
Oakland, CA
(Zone 9b)

November 27, 2011
9:23 AM

Post #8907704

New Barriers To Reverse Mortgages
SmartMoney Nov 22, 2011
Full article at: http://blogs.smartmoney.com/encore/2011/11/22/new-barriers-to-reverse-mortgages/?blog_id=194&post_id=448

Changes are in store for the way reverse mortgages are processed that might make it more difficult for some borrowers to qualify.

...the U.S. Department of Housing and Urban Development, which oversees FHA, is working on new regulations–likely to debut in 2012–that would require lenders to perform such financial underwriting. As a result, “it is possible that some borrowers who could have gotten a reverse mortgage before” will no longer qualify."

The new regulations are also likely to give lenders the right to require borrowers with smaller financial cushions to receive monthly payments, rather than a lump sum. To ensure that borrowers have enough cash to cover their property taxes and homeowner’s insurance premiums, the new regulations may also allow lenders to set aside a portion of a reverse mortgage’s proceeds for those expenses."

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Other Retirees Threads you might be interested in:

SubjectThread StarterRepliesLast Post
Welcome to our newest forum! Terry 156 Feb 3, 2008 12:54 AM
Happy New Year; and newest forum celebration. Lily_love 21 Jan 11, 2008 4:46 PM
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Reverse Mortgages? haighr 41 Jun 1, 2008 2:29 AM


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