Reverse Mortgage Government Regulations

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Reverse Mortgage Government Regulations
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A new rule that came into effect on April 25th
when the FHA revised the HECM age eligibility
requirements to extend protections to spouses
younger than 62 year old.
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You will be required to complete an independent
3rd party counseling session with an FHA-approved
counselor. This may be done over the phone or
in person and ensures you have all the
information you need in understanding a reverse
mortgage and your options. They will also be able
to help you decide if a reverse mortgage is right
for you. Only 60 of the reverse mortgage money
may be accessed in the first year, or if you have
an existing mortgage, you may access that amount
plus 10, whichever is greater. After the first
year you may access as little or as much of the
remaining funds as you wish.
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You will have 3 days to cancel your reverse
mortgage loan without incurring any interest.
After the 3 day cool-off period, you may pay off
the loan at any time should you choose to do so
with no prepayment penalty.
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For More details you can visit our web site
http//mortgagewholesalers.com/reverse-mortgage/re
verse-mortgage-rules/
Business Name Mortgage Wholesalers Address 19200
Von Karman Ave. Suite 600, CA City Irvine Countr
y United States Phone No. 1-800-616-6256