New rule may make it tougher to get reverse mortgage

The new rules, rolled out in two phases beginning this fall, are designed to stabilize the program, minimizing the risk and reducing default rates. If you’re planning to apply for a reverse mortgage, here are five things you need to know about changes to the program. By Jodi Helmer Interest.com Contributing Editor. October 4, 2013

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The new rules are meant to prevent loan defaults, but they will make it much more difficult to get a reverse mortgage. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies.

 · New Rules Could Make it Harder to Get a Reverse Mortgage. 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.

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.

New federal rules that took effect in April may make it harder for some people to qualify for reverse mortgages. But they’ll also make it more likely that those who do receive reverse mortgages.

But now that the new rules are in play, many say activity has come to a near halt. Jimbo King, a broker with McGowin-King Mortgage in Birmingham, Ala., says the September rush was a strain. "It really crashed the whole system, from the counselors to the brokers," King tells RMD.