Thanks to a set of new federal rules doled out earlier this week, it has now become a bit more difficult to obtain a reverse mortgage on your home. The good news, however, is that for those who do get them, they will have a lot less to worry about.<\/p>\n
According to the new regulations, potential borrowers will be subject to a \u201cfinancial assessment\u201d to review the income, cash flow and credit reports of prospects.<\/p>\n
\u201cI think these changes are positive overall,\u201d Phil Stevenson, a certified reverse mortgage professional and principal of PS Financial Services in Coral Gables, Fla., told Forbes<\/em>. \u201cThey\u2019ll affect five to 10% of potential borrowers and, in reality, those are the ones who probably shouldn\u2019t have done reverse mortgages in the past.\u201d<\/p>\n Image via flickr\/American Advisors Group<\/p>\n