know that several changes have been made to the federally insured Home Equity Conversion Mortgage (HECM) reverse mortgage program.
The changes were effective for new reverse mortgages after September 30, 2013 but the old rules generally apply to
case numbers assigned before September 30, 2013, if those cases were closed on or before December 31, 2013. There are additional financial assessment and set-aside requirements that will take effect January 13, 2014.
These changes may limit your ability to secure a reverse mortgage and will restrict your access to the funds that will
be available if a reverse mortgage is approved.
If you would like to know more about the new rules for reverse mortgages and how they might impact your retirement
planning, please do not hesitate to call us for an appointment. We will be happy to share what we know.
Posted by C. Thomas Thames