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The new reverse mortgage rule changes may seem to complicate the process for many older Americans who are already struggling during their retirement years. But, The new changes, which will take place on October 1st are intended to help seniors be more cautious throughout retirement. Mike Anderson, Nerd Wallet Columnist said, “the changes are intended to make people more careful about how they fund their retirement. The FHA wants borrowers to take out only what they need and what they can afford. The program strives to be less a safety net for financial emergencies and more a longer-term financial planning tool.” More here
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