New rule may make it tougher to get reverse mortgage
New Federal Rules Make It Tougher to Get a Reverse Mortgage Thanks to a set of new federal rules doled out earlier this week, it has now become a bit more difficult to obtain a reverse mortgage on your home.
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· Thus, foreclosures on a reverse mortgage mean something entirely different than foreclosures on a forward mortgage. On a forward mortgage, foreclosure arises from failure of the borrower to make required monthly payments of principal.
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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).
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.
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How to get a reverse mortgage? If you’re interested in using a reverse mortgage to supplement your retirement income, here are three steps to making it happen: 1. Make sure you’re eligible. Not just anyone can get a reverse mortgage, even if you’re retired. To qualify, you must meet the following eligibility requirements: Be at least 62 years old.
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.
Maybe you don’t like the current tenants, perhaps there are issues between you and the property owners, or you just may not like the fact that the borrowers’ failure to occupy may cause HUD to create tougher standards for other borrowers in the future that would make it tougher for you or others you know to get a reverse mortgage but it might.
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· Tighter Rules Will Make It Harder to Get a Reverse Mortgage September 8, 2013 by New Jersey Bankruptcy Leave a Comment Originally published here by The New York Times.