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On Wednesday, the U.S. Senate joined the House in passing legislation giving the Federal Housing Administration authority to alter its Home Equity Conversion Mortgage program, or (HECM), protect borrowers and help the agency avoid a federal bailout. The agency is expected to reveal later this month exactly how it’ll alter the rules, which could take effect as early as Oct. 1.
The changes will likely make it harder for some people to qualify for reverse mortgages. But they will also help prevent borrowers who have them – women, especially – from being booted out of their homes.
A reverse mortgage is a loan for people 62 or older that lets you tap your home equity and requires repayment upon the homeowner’s death, move or sale of the property. If you’re thinking about getting one, the impending revisions to the federally insured program may be reason to apply soon – before they take effect. Click here to read the full article.