Reverse Mortgage Program Changes Become a Reality
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Reverse Mortgage Program Changes Become a Reality As promised, the new reverse mortgage programs changes, approved in the Reverse Mortgage Stabilization of 2013, came into effect on September 30th. Guidelines for paying mandatory obligations and the financial assessment components will come into effect on January 13 of next year. While not all the components of the new changes have been worked out, there's no denying that the reverse mortgage program will no longer be the program we have come to know. Will it still help seniors in need? Yes. Will it still be a valuable retirement planning tool? Yes. It's time to still have to consider how these changes will affect how those who apply for the program qualify...it will no longer be the all-inclusive program that it used be...but this do...
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