Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

President Obama Signs Reverse Mortgage Reform Bill into Law
President Obama Signs Reverse Mortgage Reform Bill into Law
This past friday, August 9, President Barack Obama signed the Reverse Mortgage Stabilization Act into law, according to an article published in Reverse Mortgage Daily. 
The bill grants the Department of Housing and Urban Development the authority to establish additional requirements to improve the financial stability and safety of the Home Equity Conversion Program.
The President's signature was the only component missing after the Senate approved the bill last week. The bill was approved in the House of Representatives back in June.
The additional requirements the HUD is seeking to include are:
A financial assessment of the borrower (to determine financial fitness and the amount of debt a borrower is in) Mandatory set asides for property taxes and homeowners insurance (to ensure homeowners will be able to pay their financial obligations) Restrictions on the amount of funds that can initially be withdrawn (to ensure homeowners have enough cash flow for many years to come, not just in the beginning) Include all borrower spouses on the loan, regardless of age (to eliminate risks to non-borrowing spouses should the loan become due) The National Reverse Mortgage Lenders Association President and CEO, Peter Bell, who attended ... more

__________________________________________________
Are you on The Rain? Grow Your Network!