Real Estate News

The Mortgage Professor: After March 2, reverse mortgage borrowers will have to prove they're not deadbeats

One of the attractive features of the HECM reverse mortgage has been that there are no income or credit requirements. All homeowners 62 and older who live in their homes without a mortgage have been eligible, and those with mortgages may also be eligible if the balance is not too large. But all that will change March 2, when a series of drastic new Federal Housing Administration rules come into play.

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