William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

Posts Tagged ‘Mortgage loan’

What Advisors Need to Know About the New Reverse Mortgage Rules

Posted by William Byrnes on November 4, 2013

With the U.S. population aging and more boomers turning to reverse mortgages to fund their retirement, the U.S. Department of Housing and Urban Development has announced major changes to its Home Equity Conversion Mortgage program.

The changes, most of which became effective on Sept. 30, are designed to prevent borrowers from tapping into the entire value locked into their homes.  Specifically, new limits have been placed on the amount that borrowers can take out during the first year.

Read Professor William Byrnes and Robert Bloink’s analysis of this issue by clicking to our Think Advisor’s article > ThinkAdvisor <

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Report Slams Reverse Mortgages

Posted by William Byrnes on January 13, 2011

Reverse mortgages are facing renewed scrutiny after the December 7 release of the Consumer Union Report, Examining Faulty Foundations in Today’s Reverse Mortgages.  According to the report, reverse mortgages are suitable for only a small slice of low-income seniors, and seniors often enter into the contracts without understanding the financial consequences, including the high fees and interest charges attached to the mortgage products.

“Reverse mortgages are a very risky deal for borrowers who don’t understand the complicated terms of the loan and how quickly fees and interest charges can add up,” said Norma Garcia, an attorney with Consumer Union.  Read this complete article at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).

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