Financial Planning Financial planning tools and services to put you on the path to the future you want
Blog Your guide to financial planning and retirement
Community Connect with peers and experts
About Get to know the people behind the company and the mission behind the work
Enterprise Offer financial wellness to the people at the heart of your business
September 3, 2013
The Reverse Mortgage Stabilization Act was signed into law on August 9th. As we’ve reported earlier, this new law gives the Department of Housing and Urban Development (HUD) the authority to strengthen the HECM Reverse Mortgage program by making significant, but not overly drastic adjustments. We expect HUD to announce these changes before the end of August.
Some of the changes HUD is expected to make include:
• Financial assessment of borrowers• Mandatory set asides or escrows for tax and insurance payments
• Restrictions in the amount allowed in a lump sum payout
• Inclusion of all spouses on reverse mortgage loans
The good news is that these modifications will make the program stronger and more stable. The bad news is that it will likely become harder to qualify for a Reverse Mortgage after HUD’s changes go into effect. If you are considering this product – you may want to talk to a lender in the near future.
Will You Still Qualify in the Future? Talk to a Prescreened Reverse Mortgage Lender About Your Options
Estimate Your Current Reverse Mortgage Loan Amount Now
Take financial wellness into your own hands and do it yourself retirement planning: easy, comprehensive, reliable.
Share this post:
