New rule may make it tougher to get reverse mortgage

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Taking out a reverse mortgage can generate another source of income in retirement.Unfortunately for many, it just became a lot more difficult to qualify. In April 2015, the Federal Housing Administration (FHA) enforced new guidelines regarding who can get approved for a loan.

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 · 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. A new rule may make it tougher to get a reverse mortgage. A reverse mortgage is a special type of loan for home­owners 62 and older that doesn’t require monthly mortgage payments.

You might receive less money. Under the new rules, the former "standard" and "saver" options will be rolled into a single product.. While the amount a homeowner can borrow remains tied to their age, current interest rates and the value of their home, the FHA has cut the percentage of equity you can remove from your home through a reverse mortgage.

 · 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.

New federal rules that kicked in last month may make it harder for some people to qualify for reverse mortgages.. Now it’s tougher to get a reverse mortgage. The new rules will undoubtedly.

HUD raising up-front fees for reverse mortgages. new borrowers receiving so-called "lower draws" must pay 0.5 percent of their loan amount in an up-front insurance payment at the time the.

New Rules for Reverse Mortgages.. the government is changing the reverse mortgage rules again. And the changes, which affect the cost of insurance and borrowing limits, are a mixed bag for.

The Department of Housing and Urban Development on Tuesday shook the reverse mortgage world with new rules regarding mortgage insurance premiums and principal limits. While the industry continues to sort out the exact effects – many of which may not be known until after the first months of endorsement data come in after implementation on [.]

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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.