New rule may make it tougher to get reverse mortgage

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4. The Need for Reverse Mortgages May Increase. There are murmurs that Social Security and Medicare may experience cuts. And, there is the case to be made that inflation will increase. If any of these things happen, it is sure to increase the need for reverse mortgages in 2018. 5. Baby Boomers Have a.

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Tougher Reverse Mortgage Rules to Take Effect. Effective April 27, 2015, borrowers will have to pass a financial assessment before they can take out a reverse mortgage. The new rules are meant to prevent loan defaults, but they will make it much more difficult to get a reverse mortgage. (The rules were originally scheduled to take effect March 2,

Instead of the homeowner paying the lender every month as in a conventional mortgage, in a reverse mortgage, the lender sends a monthly check to the homeowner. New rule may make it tougher to.

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Tighter Rules on Reverse Mortgages.. And some cash-strapped people may find it tougher to qualify for a loan.. Seniors who are strapped for cash may be cut out of the reverse mortgage market.

The new financial assessments. Under the new rules (which sprang from a 2013 law), to get a reverse mortgage, you’ll now be subject to what’s known as a "financial assessment" – much like what lenders do when sizing up applicants for regular mortgages. Lenders will now review the income, cash flow and credit reports of prospects.

“If legislation passes to allow lenders to do financial underwriting it will become very hard for many seniors to qualify since income and credit can be a part of the reverse qualification, with this in mind and possibility of tougher requirements seniors need to make a decision (right now rates are at all time lows, borrowing costs are very.

How Reverse Mortgage Rule Changes Affect Seniors Recent changes in federal rules that make it more difficult for seniors to get a reverse mortgage are meant, in part, to protect seniors from themselves, experts say.