The changes to the Home Equity Conversion Mortgage program introduce credit underwriting criteria to the product for the first time, which until now only had been using actuarial standards in the decision making process, a reverse mortgage specialist said.
The Department of Housing and Urban Development is looking to keep the product going for the baby boomer generation, the first one that a majority does not have a defined benefits retirement plan (also known as a pension), Linda Sands of Luxury Mortgage says.
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