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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.
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The new rules are an effort to strengthen the federal Home Equity conversion mortgage (hecm) program, which insures almost all reverse mortgages and which has seen default rates rise. 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.
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. New rule may make it tougher to.
Changes limit how much homeowners can borrow. An AARP Public Policy Institute analysis of HUD data shows that under the new rules, a 62-year-old borrower getting a reverse mortgage with a 5 percent interest rate would be able to draw 11 percent less money from a home than under current rules. For an 80-year-old borrower, there would be a 12 percent reduction.
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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"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."
Reverse mortgages let homeowners turn the equity in their homes into money they can put toward retirement. The FHA recently made it harder.
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NEW YORK (CNNMoney) — The Federal Housing Administration is about to make it even tougher to borrow money from Uncle Sam to buy a home. Starting April 1, borrowers in ongoing disputes with creditors.