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Gary W Smith - MLO#53963

Reverse Mortgages - More Changes Coming

Thursday, August 15, 2013 - Article by: Gary W Smith - MLO#53963 - Aspire Lending - NMLS#137773 - Message

On July 31, the FEDS decided to make changes that will ultimately affect the amount of money you'll be able to obtain using a reverse mortgage. You will also have to make sure that you can prove sufficient income to pay for home owners insurance and real estate taxes as those items come due.

The inability for some seniors to be able to pay for taxes and insurance has caused issues and problems for some seniors. They are looking for ways to help seniors continue to use the reverse mortgage to their benefit and at the same time, make the loan more sound for the lender.

These new changes will take effect later so if you want to get the most equity out of your home, you should look at doing your loan now instead of waiting and finding less money available for you.

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