New rule may make it tougher to get reverse mortgage

Saying it’s losing money on reverse mortgages, the U.S. Department of Housing and Urban Development announced Tuesday, Aug. 29, it will raise up-front fees and tighten limits for the program.

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More Shots Fired Many mortgage brokers did not recognize the opening salvo, as it wasn’t new legislation and didn’t get too much. these rules had the unintended (one may assume) consequence of.

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.

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New Federal Rules Make It Tougher to Get a Reverse Mortgage. Thanks to a set of new federal rules doled out earlier this week, it has now become a bit more difficult to obtain a reverse mortgage on your home. The good news, however, is that for those who do get them, they will have a lot less to.

Maybe you don’t like the current tenants, perhaps there are issues between you and the property owners, or you just may not like the fact that the borrowers’ failure to occupy may cause HUD to create tougher standards for other borrowers in the future that would make it tougher for you or others you know to get a reverse mortgage but it might.

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How cash-out refinance rules work Cash-out refinance rules for conforming, FHA, USDA and VA home loans Cash-out refinancing with a reverse mortgage A cash-out refinance can put real dollars in.

New rules will make applicants prove they’re good risks. 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.