Changes to Westpac Banking Corp’s (ASX: WBC) lending practices could make it tougher for borrowers to get a mortgage from the.
“It’s a rule. others may simply have decided to take one loan, and then another. “I’m sure there are others who took a HELOC out within the last year and then decided to get a reverse mortgage,”.
Tighter Rules on Reverse Mortgages.. And some cash-strapped people may find it tougher to qualify for a loan.. Seniors who are strapped for cash may be cut out of the reverse mortgage market.
New Rules for Reverse Mortgages.. the government is changing the reverse mortgage rules again. And the changes, which affect the cost of insurance and borrowing limits, are a mixed bag for.
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New federal rules that took effect in April may make it harder for some people to qualify for reverse mortgages. But they’ll also make it more likely that those who do receive reverse mortgages.
Heads-up for millennials and first-time home shoppers carrying student debt: New rules could make it tougher to qualify. say they’re easing mortgage terms. Statistics suggest otherwise.] Student.
Reverse mortgages have taken heat, and often rightly so. also has put a damper on reverse mortgage lending. The new rules make reverse mortgages a somewhat safer tool for people who are in serious.
Want to get a new mortgage? Lenders are about to make your life harder. financing than you can afford simply because of this new rule. Otherwise, you’ll be the person that regulators may be.
New regulation meant to ensure banks have enough easy-to-sell assets to survive a crisis is creating doubt over whether $1.1 trillion of mortgage debt qualifies. their inclusion explicit, the rule.
The Bad News: The new rule. Reverse Mortgage Make Sense?: It all depends on your situation. If you need cash for expenses, and you have equity in your home, a reverse mortgage may be a good option.
But now that the new rules are in play, many say activity has come to a near halt. Jimbo King, a broker with McGowin-King Mortgage in Birmingham, Ala., says the September rush was a strain. "It really crashed the whole system, from the counselors to the brokers," King tells RMD.