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Rule Changes Tighten Reverse Mortgage Eligibility
Posted to: Around The Web
Wednesday, January 29, 2014 12:19 PM

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NOTE: PLEASE ALSO POST ON THE FINANCIAL EDUCATION SITE. THANKS! Reverse mortgages have become increasingly popular in recent years, as cash-strapped seniors seek ways to keep pace with rising expenses -- not to mention cope with the pummeling their retirement savings took during the Great Recession. (Reverse mortgages allow homeowners age 62 or older to borrow against their home equity and needn't be repaid until they move out permanently, sell the property or die.) But the Department of Housing and Urban Development (HUD), whose Federal Housing Administration (FHA) finances the vast majority of reverse mortgages, noticed that borrowers increasingly have been opting to withdraw most or all of their home equity at closing, leaving little or nothing for future needs. Consequently, by mid


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