Reverse Mortgage Rules May Tighten

Experts are suggesting that many older Americans should consider their home’s value as a way to help their finances during retirement years. Reverse mortgages are expected to become a vital part of many financial retirement plans over the coming years, though past and future changes to the plan may make the process slightly more difficult. The mortgage plan that allows homeowners, age 62 and up, to tap into their home equity might become more restrictive. The FHA is considering conducting financial assessments on borrowers, including revision of credit scores, to ensure the individual can afford to pay their homeowners insurance and property taxes. More here

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