A New Day for Reverse Mortgages?

Reverse mortgages sound enticing: The advertisements you see on television, in print and online give the impression that these loans are a risk-free way to fill financial gaps in retirement.

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Homeowners applying for a reverse mortgage will soon have to clear a new hurdle. In the spring, all borrowers will have to prove that they can handle the ongoing costs of the loan. Homeowners who.

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You might receive less money. Under the new rules, the former "standard" and "saver" options will be rolled into a single product.. While the amount a homeowner can borrow remains tied to their age, current interest rates and the value of their home, the FHA has cut the percentage of equity you can remove from your home through a reverse mortgage.

For years, HECM lenders have tried to launch a privately insured reverse mortgage product in the state of New York, but have been stopped by repeated regulatory roadblocks that prevent the.

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Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.

Ginnie Mae has launched a new securitization channel for reverse mortgage-backed securities. Now, investors in the HECM mortgage-backed securities, or HMBS, market can participate in Ginnie’s new.