Did Reverse Mortgages Become Less Attractive for Consumers?
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Did Reverse Mortgages Become Less Attractive for Consumers? Depending on who you talk to, the opinion on the reverse mortgage changes will range from "horrible" to "the best thing that ever happened to the program." I stand somewhere in the middle. The financial assessment still has me weary about the future of the program, mainly, because it will bar a lot of potential consumers from the program. Not to mention, make the program less attractive for those who have been considering a reverse mortgage in the future. Do I think it's fair? No, but I also have to think about the FHA's position in all this. They are trying to keep the program alive for consumers who qualify, while making it safer as well. The FHA is hoping these changes prevent future borrowers from defaulting on their loans ...
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