New Year, New Changes for Reverse Mortgages
With a new year approaching, changes are happening in the reverse mortgage industry. In a recent post, Reverse Mortgage Daily points out that the Department of Housing and Urban Development wants to make it even safer for borrowers, so it will be introducing new rules effective March of 2015.
So what does this mean for reverse mortgage borrowers? Borrowers will need to provide more documentation and also go through an income assessment.
The main advantage of HUD’s new rules will make it safer for borrowers than ever before to live in their home, while also upholding his or her reverse mortgage obligations.