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Coming Changes to the Reverse Mortgage Program

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Mortgage and Lending with LoanOfficerSchool.com NMLS 291249
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August 29, 2013  :6:30 AM PST 

  

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MORTGAGE and REAL ESTATE NEWS      

 

Coming Changes to the Reverse Mortgage Program
SeniorsBy Justin Restaino

The U.S. Senate joined the House in passing some new changes to the Federal Housing Administration (FHA) to alter the Home Equity Conversion Mortgage program or HECM for short. These new changes may go into effect as early as Oct. 1, 2013. The new rules will ultimately help protect borrowers and assist in the agency avoiding a federal bailout.

Some of these changes may make it harder for some borrowers to qualify for a reverse mortgage. If you are not familiar with HECM program you can visit FHA's website and read over the general qualifications >>Read More.

 

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