Rules are changing for reverse mortgages

09/16/2013 | Nerd's Eye View blog

The Department of Housing and Urban Development has announced changes for the reverse mortgage program that will consolidate two types of loans, change principal limits and generally make the product more expensive, writes Michael Kitces. The higher costs could make reverse mortgages less appealing to financial advisers, though in the short term, the more restrictive rules could prompt more clients to take reverse mortgages before the changes take effect, he writes.

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