Fewer than two weeks are left for homeowners over the age of 62 to qualify for a reverse mortgage under the current, more relaxed qualification standards. Beginning April 27, the FHA will make it more difficult for homeowners to qualify for this alternative mortgage. By requiring applicants to complete a series of extensive financial assessments, the new qualification process will be similar to applying for a standard mortgage. For decades, homeowners simply needed to meet age and equity requirements to gain approval for a reverse mortgage. Among the new rules, applicants will now be required to show they have paid their property taxes, HOA dues and other property-related expenses on time during the previous two years. Lenders will also pull applicant credit reports.

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Image Source: American Advisors Group