New rules on reverse mortgage designed to make loans safer for elderly

New Changes to FHA Reverse Mortgage Reflect Trends Toward. – at 6:32PM. Regulators are putting new restrictions in place for reverse mortgages to make sure homeowners who want to cash out equity in a property can still pay the basic escrow costs of ownership: insurance and property taxes.

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 Contributing Editor. October 4, 2013

MBA Secondary: The industry’s appetite for non-QM is growing – What’s left is a huge swath of would-be borrowers who are likely the future of the mortgage industry – atypical in some credit areas, but safe with the right loan product. administration might make.

Reverse mortgages confuse elderly, report finds – – Reverse mortgages confuse elderly, report finds. A reverse mortgage is still a loan – with monthly interest charges, fees and other costs.. These loans were designed as a way for seniors.

The FDA’s Electronic Cigarette Rules Are Here — and They’re Terrible – New product design? Submit an application. Make a health claim. a truth-in-advertising standard would label them rules making the market safe for combustible cigarettes and Big Tobacco. Rich has.

While the new rules have made reverse mortgages safer, there is one serious issue they didn’t address. This is the fact that many couples get a reverse mortgage in the name of whichever of the two is older to get the maximize payout as their benefit is based on the borrower’s life expectancy.

Trump Treasury pick Steven Mnuchin has a ‘widow foreclosure’ problem – Reverse mortgages are advertised as a way for elderly homeowners to get the cash they need and stay in their homes for the rest of their lives. They don’t have to make payments as long. which gives.

PVPC holds Holyoke listening session for Age-Friendly Communities Initiative – Basch said an Age-Friendly Community is for every generation – not just elderly. focus on how to design communities that function for older and younger residents as well as the “empty nesters”.

Toppling reverse mortgage abuse | The American Association. – Reverse mortgages were purposely designed for elderly homeowners who have few liquid assets, intend to remain in their home, and are unconcerned about passing the home on to their heirs-who would have to pay off the loan balance to keep the property.

5 Major Reasons Why You Should Buy a Home Instead of Rent Here are 5 reasons you should wait to buy a home and rent instead. For decades, the path to typical American adulthood has been pretty static. You graduate college, begin a career, start a family and buy a home.