The new rules are an effort to strengthen the federal home equity conversion mortgage (HECM) program, which insures almost all reverse mortgages and which has seen default rates rise. 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.
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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.
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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.
– Under FHA rules, she can get a reverse mortgage, pay off the HELOC balance and take out up to around $86,150 in cash during the first year. A year later, the remainder would be available to her. fha pmi rate 2016 how to get preapproved for a mortgage Compare Mortgage Rates for March – To get a lower. happy to hear that mortgage rates fell to a 13-month low this week just as home-buying.
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.
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· Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association, notes that the amount borrowers can withdraw under the new rules is about 15 percent less than the equity available through the former HECM standard loan. Borrowers also face additional restrictions in accessing their equity.
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Tougher Reverse Mortgage Rules to Take Effect. Effective April 27, 2015, borrowers will have to pass a financial assessment before they can take out a reverse mortgage. The new rules are meant to prevent loan defaults, but they will make it much more difficult to get a reverse mortgage. (The rules were originally scheduled to take effect March 2,