New rules on reverse mortgage designed to make loans safer for elderly
Reverse mortgages are complex, often confusing financial products. If you or an elderly relative are even considering one, it’s important to know all of the risks and pitfalls beforehand. With that in mind, we’ve created this list of facts to help you understand what can really happen if you take out one of these loans.
What’s a reverse mortgage? A reverse mortgage is a loan with the borrower’s home as collateral. Homeowners must be 62 or older and have substantial home equity. money from a reverse mortgage is typically used to pay bills, for health care, or as an additional source of retirement income.
While the new rules have made reverse mortgages safer, there is one serious issue they didn’t address. This is the fact that many couples get a reverse mortgage in the name of whichever of the two is older to get the maximize payout as their benefit is based on the borrower’s life expectancy.
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A Guide To Reverse Mortgages and The Elderly.. A third problem with a reverse mortgage is caused by the triggering conditions for when the loan becomes due. A reverse mortgage becomes due when the homeowners stop using the home as their principle residence.. New rules for reverse mortgages.
at 6:32PM. Regulators are putting new restrictions in place for reverse mortgages to make sure homeowners who want to cash out equity in a property can still pay the basic escrow costs of ownership: insurance and property taxes.
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.
A reverse mortgage does not work the same as other home loans. A reverse mortgage, sometimes known as a Home Equity Conversion Mortgage (HECM), is a unique type of loan for homeowners aged 62 and older that lets you convert a portion of the equity in your home into cash.
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Reverse mortgages can be a rather safe and effective way to boost your retirement income, but they’re not without some drawbacks and downsides. How Safe Is a Reverse Mortgage? — The Motley Fool