FHA's reverse mortgage changes have slashed the default rate

FHA's reverse mortgage changes have slashed the default rate
It’s been four years since the Federal Housing Administration instituted a policy requiring all prospective reverse mortgage borrowers undergo a financial assessment to determine their suitability for the loan, and so far, it appears to be working. According to the latest analysis from New View Advisors, Financial Assessment has slashed tax and insurance default by more than three-quarters and serious defaults by more than two-thirds.
Source: https://www.housingwire.com/rss