I would like to comment on this Washington Post article to put aside the guess work and focus directly on what a reader or potential homeowner should realistically expect from a reverse mortgage given this situation. Here's the facts. The
It is in fact now much tougher than in the past to get a Reverse Mortgage. The key to success for retirees and seniors going forward seeking a Reverse Mortgage is to plan. In short, don’t wait until you have spent your last dollar before
The new rules will dramatically change the current government insured HECM Reverse Mortgage from a non-qualifying loan to one that requires qualifications and is subject to broad lender discretion. You can be assured that the mortgage providers will
**Update - The Federal Housing Administration (FHA) announced Thursday that it will delay the effective date to begin financial assessments for all reverse mortgage applicants due to technical issues. They anticipate a delay of 30-60 days from