New rules on reverse mortgage designed to make loans safer for elderly

Reverse Mortgages and the Elderly – elder.findlaw.com – Reverse Mortgages and the Elderly. Once the last surviving homeowner passes away, the loan becomes due; the heir or estate administrator typically has only 30 days to determine whether to pay the loan, to sell the house or to allow the home to be foreclosed. reverse mortgages typically involve high fees and costs,

New Reverse Mortgage Requirements Coming in 2015 – The good news is that by introducing these changes, reverse mortgages will be safer than they have ever been for borrowers. The new assessment is designed to ensure that a borrower has the financial capacity to continue living in their home for the remainder of their lifetime while maintaining his or her reverse mortgage obligations.

Understanding the Pros and Cons of Reverse Mortgages. – Myths About Reverse Mortgages. Myth: The bank can make an elderly person leave their home. fact: reverse mortgages are regulated by the federal government and banks are not allowed to make seniors leave their homes. The lender is more interested in having the senior stay in the home for as long as possible.

How Safe Is a Reverse Mortgage? — The Motley Fool – Reverse mortgages can be a rather safe and effective way to boost your retirement income, but they’re not without some drawbacks and downsides. How Safe Is a Reverse Mortgage? — The Motley Fool

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The study also found that some ads didn’t make it clear that a reverse mortgage is a loan; that ads made it seem like it’s impossible for a borrower to lose his home (not true); and that reverse.

Seniors were sold a risk-free retirement with reverse. – As reverse mortgages exploded in popularity from 2001 to 2009, three lenders originated a third of the new loans – nearly 200,000 in all. Since then, Bank of America and Wells Fargo have exited the market and the second largest lender, Financial Freedom, faced massive federal penalties related to false reverse mortgage insurance claims as it.

AARP Sues U.S. Over Effects of Reverse Mortgages – Reverse mortgages were intended to be nonrecourse, which means that even if the value of the property shrinks, the most the borrower can lose is the house itself. It is unclear how many elderly.

What’s a reverse mortgage? A reverse mortgage is a loan with the borrower’s home as collateral. Homeowners must be 62 or older and have substantial home equity. Money from a reverse mortgage is typically used to pay bills, for health care, or as an additional source of retirement income.

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