Posted by jba/fl on 8/26/13 6:50pm
Msg #482008

Is there something going on with RM's right now - some new

rules, etc? Are they going to cost more or be harder to get soon?

OK - I know something was said, but if memory serves me well, nothing definitive back then. Anything further?
TIA

Reply by Carol Graff on 8/26/13 7:00pm
Msg #482010

yes, I just read yesterday that unless you sign before Oct. (can't remember exact date) new fees and changes will be happening.

Reply by Shoshana/AZ on 8/26/13 7:16pm
Msg #482017

We are going to get some big changes very soon.

Nobody knows what for sure. There is a lot of speculation. A good guess would be that if one gets their case number (do counseling first) before it goes into effect (maybe Oct 1) then they have 60 or 120 days to complete the mortgage. a lot of speculation on changes. It will definitely be harder to get and borrowers probably will not be able to get a lump sum any more. Most likely taxes and insurance will be escrowed. That seems to be a big issue - re: people taking a lump sum and not paying their taxes and insurance.

Reply by sigtogo/OR on 8/26/13 7:21pm
Msg #482019

taxes/insurance-that was a train wreck in the making n/m

Reply by MW/VA on 8/26/13 8:31pm
Msg #482029

I've heard rumor that they will need to "qualify"--credit

checked, etc. I'm sure it's all about the ability to pay taxes & insurance. That one's been a loaded issue for a long time.

Reply by sigtogo/OR on 8/26/13 9:27pm
Msg #482038

had one with credit scores included yesteday-all under 500!

gee I wonder how that will pan out...

Reply by jba/fl on 8/27/13 8:51am
Msg #482070

Why? I don't understand that reasoning.

Many people do not have mortgages, yet they know they have taxes and insurance to buy. Some do without insurance, but taxes are for everyone.

Reply by sigtogo/OR on 8/26/13 7:20pm
Msg #482018

here's a link to NY times article

http://www.nytimes.com/2013/07/13/your-money/rules-for-reverse-mortgages-may-become-more-restrictive.html?pagewanted=all&_r=0