From time to time, the government reviews the HECM product and makes changes to lending guidelines. Recent changes in the past have included new non-borrowing spouse protections and a financial assessment that helps ensure clients are more successful with their loans.
At the end of August, the Department of Housing and Urban Development announced new changes coming to the reverse mortgage product. These changes are set to launch October 2nd and may affect the mortgage insurance premium and the amount of proceeds borrowers may receive.
If you have not applied for a reverse mortgage and are still considering getting one, we recommend you apply for one before the changes go into effect. You still have time. If you would like more information and to see if you qualify, call one of our licensed specialists at (800) 401-8114.