Reverse Mortgage Policy Changes Increase Principal Limits and Protect Non-Borrowing Spouses

If you have been considering accessing the equity in your home with a Home Equity Conversion Mortgage (HECM) loan, now may be a great time to act. A recent policy change may mean that you can qualify for more loan proceeds. HUD recently released Mortgagee Letter 2014-12 which included new Principal Limits Factors (PLF) for non-borrowing spouses under …

Reverse Mortgage Financial Assessment

A hallmark of the reverse mortgage program is that historically, it hasn’t included any credit or income requirements for the borrower. But that may change, and some lenders have already implemented—and then revoked—guidelines determining applicants’ eligibility for this type of loan. Reverse mortgage financial assessment stems from ongoing discussion about ways to protect HECM borrowers from …