Reverse mortgages may be harder to get

For many homeowners, a reverse mortgage is the answer to their financial problems.  Before the housing crisis, homeowners could access a large portion of the equity in their home with a reverse mortgage.  Changes in the rules decreased the amount of equity borrowers could access.  New changes set to go into effect on September 30 aims to lower that amount even more.  The new rules also lower the amount of money that the borrower can access during the first year of the reverse mortgage.

For more read, “Tighter Rules Will Make It Harder to Get a Reverse Mortgage.”