Archive for July 2015

Pay Attention to New Reverse Mortgage Rules, Protections and Cautions

The surviving spouses of HECM borrowers are now better protected against eviction. A rule, recently issued recently by the Federal Housing Administration, aims to clarify the steps that spouses need to take to prevent foreclosures. However, new study by the Consumer Financial Protection Bureau has determined that borrowers may still get into trouble due to [...]

New Forms and Rules are Designed to Protect Reverse Mortgage Borrowers Consumers

The Consumer Financial Protection has put together a summary of the new rules and forms that potential Reverse Mortgage borrowers will encounter, in order to better prepare these borrowers for the process ahead.

Some highlights of the new information:
New rules and forms are aimed at making mortgage information easier for borrowers to understand are [...]

Don’t Apply for a Reverse Mortgage Until You Fully Understand the Loan’s Pros and Cons

You have probably seen ads that promote Reverse Mortgages. These ads seem to promise the moon, with headlines such as “A Reverse Mortgage Can Provide Financial Freedom for Your Retirement” and “A Reverse Mortgage can Revolutionize your Senior Years.” For individuals who are exploring the options of taking a Reverse Mortgage, it’s important to [...]