New rule may make it tougher to get reverse mortgage

"They’d be able to get out from under their mortgage payments and have a little money in their pockets" while still remaining in their house, Ceizyk said. But under the FHA’s new rule. are taking.

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Reverse Mortgage Loan - Explained in Hindi (Bloomberg) — As the Obama administration reached the end of its nearly six-year battle with financial firms over setting tougher rules for brokers who. as the industry tries to get Congress or.

The new rules require reverse mortgage borrowers to now pay an up-front insurance fee of 2 percent of their loan, as opposed to the former 0.5 percent new borrowers were offered.

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New Rules Make It More Difficult to Get a Reverse Mortgage February 11, 2014 admin The federal government has tightened the rules regarding reverse mortgages, making it harder for some seniors to get these types of mortgages and reducing the amount of their home’s value that they can tap.

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

The Federal Housing Administration is imposing new rules that will make it harder to apply for a reverse mortgage. (aag.com/Flickr Creative Commons). Here & Now’s Jeremy Hobson looks at reverse mortgages with Jill Schlesinger of CBS News, who is also a certified public accountant.

When it makes sense to get out of your reverse mortgage. You may not be physically able to live in your current home. Reverse mortgage borrowers have an obligation to occupy A reverse mortgage becomes due when the last surviving borrower or remaining eligible non-borrowing spouse passes.

Curious about a reverse mortgage? Read our guide and figure out whether this product is right for you or However, these options may not be suitable for you – selling your home doesn’t make sense if you do YES: Reverse mortgages are expensive over a short time horizon and get progressively less.

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Stringent new tests to make mortgage rules TOUGHER than ever before. It makes far more sense to go and see an independent broker, who can offer advice on almost every mortgage on the Those with relatively high monthly expenses may also find it more difficult to get the finance they need.