Reverse Mortgages are changing effective October 2, 2017. The Trump administration is planning to raise premiums and place tighter loan limits on some borrowers in a mortgage program that helps seniors supplement their incomes. This Wall Street Journal article indicates that HUD says the program needs a sounder financial footing.

The bad news is that the new rules are going to lower maximum loan amounts for reverse mortgage refinance borrowers and increase down payments for reverse mortgage purchasers.

The good news is that it is going to lower the monthly mortgage insurance premium. If you know of anyone looking to buy or refinance that needs a reverse mortgage, now is the time. Call me with any questions 214-945-1066. You can read more about Reverse mortgages here and download my FREE Brochure now. Using Home Equity as a Retirement Asset Reverse Mortgage Flyers Basics