reverse mortgage regulations: Can I Age in Place With a Reverse Mortgage? - 07/11/13 04:54 AM
 Can I Age in Place With a Reverse Mortgage?
Yes You CAN!
Moving when you're entering retirement, or worse yet, when you've been in retirement for a few years, is the worst. I know because I've moved myself and it's always a hassle. 
Where do I move? How fast can I sell my house? How fast can I get a new house? Can I afford it? What do I take and what do I leave?
Moving isn't simple, but if you want to age in place, then you should consider a reverse mortgage. Why? It can help improve your home in order to age in place, … (0 comments)

reverse mortgage regulations: Reverse Mortgage Counseling Becomes More Affordable - 07/11/13 04:51 AM
Reverse Mortgage Counseling Becomes More Affordable
In order to protect senior homeowners when considering a reverse mortgage FHA requires them to complete a counseling. The Department of Housing and Urban Development approved an allocation of $40 million for reverse mortgage counseling in June with the hope of helping homeowners better understand the rules and regulations of a reverse mortgage.
The good news is that National Council on Aging announced on Monday that it had lowered the fees on reverse mortgage counseling from $125 to $90 and offers waivers for older adults facing financial problems such as bankruptcy or with an income less than $1,000 dollars a … (0 comments)

reverse mortgage regulations: When is Competition Unhealthy? - 07/11/13 04:51 AM
When is Competition Unhealthy?
When it doesn't benefit the consumer...
Is competition healthy for the economy? Of course it is. It offers consumers a variety of products and prices and forces companies who charge higher prices to either lower them or create a more affordable line of products.
If this is true, why is the reverse mortgage market so exclusive?
The answer is that reverse mortgage are an niche market in and of themselves. They are only available for homeowners 62 years of age and older, who live in their primary residence and have enough equity in their home.
Richard Booth, … (0 comments)

reverse mortgage regulations: Proposed Changes to the Reverse Mortgage Program - 07/08/13 06:16 AM
Proposed Changes to the Reverse Mortgage Program
In a recent Senate hearing, AARP proposed six changes to the Reverse Mortgage Program in order to better protect consumers and improve the Federal Housing Administration's fiscal condition.
The AARP supports the proposed changes to the Reverse Mortgage Program. These include a financial assessment (to determine Reverse Mortgage Program eligibility), property taxes and homeowners' insurance set asides (in order to avoid foreclosure) and limited upfront cash withdrawals. AARP proposes HUD is required report to Congress every two years. This could potentially eliminating any problems that have arisen from HUD's inability to eliminate problems in the past … (0 comments)

reverse mortgage regulations: Future Regulations Are Coming for Reverse Mortgages - 07/01/13 12:36 AM
While not yet a reality, the changes that will very soon be enacted by the Department of Housing and Urban Development might affect who will qualify for a reverse mortgage in the future. The main focus of these changes is making sure that those who apply for a reverse mortgage have enough income to continue paying their current financial obligations--such as your homeowners insurance property taxes--and/or living expenses.
How will these changes directly affect senior homeowners looking into a reverse mortgage?
In the past, the inability to pay your homeowners insurance and property taxes have led to foreclosures or evictions. When these changes come … (0 comments)