2 Myths Holding Back Home Buyers 2 Myths Holding Back Home Buyers By Gabe fitzhugh june 10, 2019 June 10, 2019 Freddie Mac recently released a report entitled, "Perceptions of Down Payment Consumer Research."

New rules will make applicants prove they’re good risks. Under the new rules (which sprang from a 2013 law ), to get a reverse mortgage, you’ll now be subject to what’s known as a "financial assessment" – much like what lenders do when sizing up applicants for regular mortgages. Lenders will now review the income, cash flow and credit reports of prospects.

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Maybe you don’t like the current tenants, perhaps there are issues between you and the property owners, or you just may not like the fact that the borrowers’ failure to occupy may cause HUD to create tougher standards for other borrowers in the future that would make it tougher for you or others you know to get a reverse mortgage but it might.

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 · There are plenty of reasons to secure a reverse mortgage. People can use them to buy a second home. Some may choose to retire early. Others may want to start a business. They give some people a chance to travel or do their bucket lists before they get too old. For many others, it’s the money in the bank/peace of mind option that’s attractive to them.

The reverse mortgage loan has continued to evolve since its introduction in 1961 and only grows stronger and safer with each year. This is primarily due to rules and regulations set by the Federal Housing Administration (FHA). The FHA continually updates and regulates reverse mortgages with new guidelines to protect you as a borrower.

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The new law also sets up different rules for. That could make it more difficult for businesses to borrow while the economy is struggling to get back on its feet. Tighter lending regulations will.

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.

With the implementation of the Federal Reserve Board’s new loan officer compensation rules now one month behind us, we decided to see how the reverse mortgage industry is adapting to the changes. It.