New Reverse Mortgage Rules To Help Couples

Reverse Mortgage rules are about to change for married couples making the loan process considerably easier. In the past, there have been instances where one spouse took out a reverse mortgage loan and then passed away, leaving the surviving spouse facing foreclosure. On August 4, 2014 the U.S. Department of Housing and Urban Development will pass a new rule to help protect couples. Surviving spouses will now be able to continue living in the home as long as they make the required insurance and tax payments. The new rules also state that couples can now qualify for a reverse mortgage if only one spouse is 62 or older. More here

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