The Obama Administration recently passed the Reverse Mortgage Stabilization Act. The bipartisan act exists to increase both the safety and the attractiveness of reverse mortgages. This bill includes protection measures not only for borrowers, but also for lenders. Anyone wanting to enter into a reverse mortgage today must now first receive no-cost counseling which will help them to ensure that the reverse mortgage loan they receive is the best for their needs and income. Of course, there are several options to taking out a reverse mortgage, and it’s likely best to explore the benefits of these before choosing this option.
This entry was posted on Wednesday, March 5th, 2014 at 9:02 pm and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.