Interested in a reverse mortgage without a lot of hassles? Better get your application in fast. As of April 27, the federal government is imposing a series of extensive “financial assessment” tests that will make applying for a reverse mortgage tougher — much like applying for a standard home mortgage.
Reverse mortgages always have been different: They’re available only to seniors 62 and older who have equity in their homes that they want to convert into cash. There are no repayments required until the borrower sells the house, moves out or dies. [more]