New rule may make it tougher to get reverse mortgage

An AARP Public Policy Institute analysis of HUD data shows that under the new rules, a 62-year-old borrower getting a reverse mortgage with a 5 percent interest rate would be able to draw 11 percent less money from a home than under current rules. For an 80-year-old borrower, there would be a 12 percent reduction.

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.

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 · Good Times to Get a Reverse Mortgage. When You Need the Money – If you need money now and you want to stay in your own home, then now a reverse mortgage can be a good solution. A reverse mortgage helps borrowers in need in two key ways: The loan eliminates your existing mortgage (if you still have one).

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.

On February 5, 2015. 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 Make It More Difficult to Get a Reverse Mortgage On February 18, 2014 The federal government has tightened the rules regarding reverse mortgages, making it harder for some seniors to get these types of mortgages and reducing the amount of their home’s value that they can tap.

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