Significant changes to the reverse mortgage program are planned in the next couple of months which may:

? Limit your ability to qualify for a reverse mortgage? Reduce the funds you may receive upfront

I encourage you to contact me at 856-324-3608 to learn more about these changes and to complete a loan application under the current program structure.

Potential Changes to the Home Equity Conversion Mortgage (HECM) Reverse Mortgage ProgramOn July 30, Congress approved the Reverse Mortgage Stabilization Act of 2013. As a result, the Department of Housing and Urban Development (HUD) requirements may tighten as follows:? Applicants' eligibility may be determined by their ability to pay taxes and insurance? Borrowers may be restricted on the amount of money they can receive up front ? Borrowers may be required to set aside funds for taxes and insurance payments

These changes are expected to be implemented within the next couple of months, although HUD has not yet set a start date.

Now is the time to move forward with a reverse mortgage loan to ensure you're locked into the current program structure. Again, please contact me if I can answer any questions you may have.