Regulators consider additional rules on reverse mortgages

07/15/2013 | New York Times (tiered subscription model), The

The Federal Housing Administration is seeking congressional approval to conduct financial assessments of borrowers seeking reverse mortgages. In recent years, the reverse-mortgage program took a hit from declining home values, and the agency has reacted by raising fees and reducing the amount of money people can borrow. The FHA is proposing the latest changes because of borrowers who could not afford their property taxes and homeowners insurance.

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New York Times (tiered subscription model), The

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