Will the changes to the reverse mortgage program retroactively affect current reverse mortgages in any way?

No. Changes are for any loans that are closed after the effective change date!

No... Only mortgages that are initiated after the announced date of implementation.. Once your loan is issued, they cannot ever change the terms... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You will be grandfathered in if you currently have the fixed rate program that they are eliminating....no worries! It will only affect the ability for new reverse mortgage clients to get the maximum cash out on the fixed rate product. I am licensed in Washington and Oregon, so if you need anything, please feel free to give me a call.Thanks!

NO, existing reverse mortgages already in place will not change.

One nice thing about Reverse Mortgages is that once you get a Reverse Mortgage they can NEVER change the rules.Breathe easy. Glad you did this some time ago.

The elimination of the standard HECM reverse mortgage, scheduled to take effect for FHA case numbers issued on or after April 1, 2013, will have no effect on fixed rate reverse mortgages now in effect.