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The reverse mortgage industry has had to endure multiple significant changes over the last 18 months, but the arrival of a new rule that opened. The rural homes make sense [considering] the.
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A new rule may make it tougher to get a reverse mortgage. A reverse mortgage is a special type of loan for homeowners 62 and older that doesn’t require monthly mortgage payments. A reverse mortgage allows homeowners – who have either paid off their traditional mortgage or paid it down.
The new mortgage guidelines from the Office of the Superintendent of Financial Institutions (OSFI), which came into effect at the end of October 2012, has made it harder for some borrowers to qualify for mortgage financing. All federally regulated financial institutions are required to implement these.
The program, which allows a qualifying borrower to purchase an entirely new home or relocate by way of a reverse mortgage, has failed to gain. loan volume would increase were the rule to change, it.
New rules might protect borrowers against some potential perils of reverse mortgages. tougher New Rules. It’s not just homeowners who can get into trouble with reverse mortgages. reverse mortgages make the most sense if you plan to stay in your home a long time.
A reverse mortgage allows a retired homeowner to tap into the equity of a paid off home. It may make more financial sense for the heirs to help out with the homeowners’ expenses to protect their future inheritance. New york times: tighter rules Will Make It Harder to Get a Reverse Mortgage.
· As a result, some people with heavy debt who were hoping a reverse mortgage would solve their financial problems may find that it is no longer a viable option. Under the new rules, which go into effect on Sept. 30, many borrowers will be able to get access to even less of the value locked in their home – about 15 percent less – compared to the maximum available now.
We spoke with several reverse mortgage originators who are seeing success under the new rule. Here are some. superficial questions. Make the client feel comfortable enough to share parts of their.