New Rules Could Make it Harder to Get a Reverse Mortgage. Taking out a reverse mortgage can generate another source of income in retirement. Unfortunately for many, it just became a lot more difficult to qualify. In April 2015, the Federal Housing Administration (FHA) enforced new guidelines regarding who can get approved for a loan.
· Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association, notes that the amount borrowers can withdraw under the new rules is about 15 percent less than the equity available through the former HECM standard loan. borrowers also face additional restrictions in accessing their equity.
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But the new rule. mortgage disclosures and make them clearer for consumers, for example. “When dodd-frank came out, there was little direction. There was a lot of this is where we want to go,’ but.
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The new rules are meant to prevent loan defaults, but they will make it much more difficult to get a reverse mortgage. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies.
FHA Reverse Mortgage Loan Age Requirements. The most important rule to know up front is the age requirement-HECM loans are only approved for financially qualified borrowers aged 62 or older. HECM loans require occupancy-the borrower cannot get a HECM loan or FHA reverse mortgage on a house that is not the primary residence. You cannot get approved for a HECM loan for time shares, vacation.
Like other reverse mortgage products, the reverse mortgage line of credit converts your home’s equity into usable funds, but unlike the lump sum, these proceeds may appreciate over time. As long as the funds in a line of credit go untouched, they may grow according to an adjustable rate.
Getting a reverse mortgage may sound like the answer to a homeowner’s financial issues. Instead of the homeowner paying the lender every month as in a conventional mortgage, in a reverse mortgage, the lender sends a monthly check to the homeowner. A new rule may make it tougher to get a reverse mortgage.