Yup – it’s true: FHA this week announced a temporary postponement of changes to its FHA Reverse Mortgage program. No word yet as to the new implementation date, but FHA has made it clear it’s to be sooner rather than later.
And what do upcoming changes entail? For the most part, documentation of income and assets. This is to ensure homeowners have both the ability to pay, and a demonstrated history of paying, homeowner’s insurance and property taxes, and of meeting their recurring financial obligations.
There will also be a minimum income requirement, based upon regional cost of living and household size.
However, for the immediate future, traditional documentation and qualification rules still apply.
If you or someone you know would like to discuss how a reverse mortgage may help achieve retirement goals, give me a call.
Truly, there has never been a better time!
Laurie
Laurie MacNaughton [506562] is a freelance writer and Reverse Mortgage Consultant with Atlantic Coast Mortgage.
She can be reached at 703-477-1183 Direct or Laurie@MiddleburgReverse.com
Laurie MacNaughton 703.477.1183 