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Tighter Rules on Reverse Mortgages.. And some cash-strapped people may find it tougher to qualify for a loan.. Seniors who are strapped for cash may be cut out of the reverse mortgage market.
Because Fundrise began soliciting investors before the law’s change, the company had to get permission. banks will probably make only those loans that conform to the new standards. The so-called.
A new rule requiring. one lender saying it will make it tougher for people to buy a home, while a realtor maintains the overall impact on Iqaluit’s housing market will be small. Starting in.
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Tighter Rules Will Make It Harder to Get a Reverse Mortgage, Wall Street Journal, Sep 6, 2013. Tighter Rules for Reverse Mortgages , Anne Tergesen, Wall Street Journal, August 25, 2013. Changes to the Home Equity Conversion Mortgage Program Requirements , (Federal Register / Vol. 78 , No. 177 / Thursday, September 12, 2013 / Page 56576).
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On February 5, 2015. The new rules are meant to prevent loan defaults, but they will make it much more difficult to get a reverse mortgage. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies.
You might receive less money. Under the new rules, the former "standard" and "saver" options will be rolled into a single product.. While the amount a homeowner can borrow remains tied to their age, current interest rates and the value of their home, the FHA has cut the percentage of equity you can remove from your home through a reverse mortgage.
FHA reverse mortgages or HECM loans require the home to conform to FHA property standards and flood requirements. The FHA reverse mortgage has a variety ways the borrower can receive the money including monthly payments, a line of credit, or combinations of payments and credit. The borrower does not pay on these loans until the house is sold.
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Are you considering a reverse mortgage? Most of us are aware of this option, but it’s complicated and just got more so. These complications bring both good and bad news, however. If you’ve ever been intrigued with the concept, here’s a good overview. Source: It Just Got Tougher to Get a Reverse Mortgage | Next Avenue