Know Your Rights with New Reverse Mortgage Laws

Effective October 1, 2008, the Housing and Economic Recovery Act of 2008 made changes to reverse mortgages laws. This included: higher borrowing limits and protections from aggressive marketing. The new reverse mortgage laws also protect seniors from high fees. Fees are capped at two percent of the first $200,000 borrowed and one percent on the balance, with a maximum of $6,000. Lenders are also prevented from requiring borrowers to purchase insurance, annuities, or other products as a condition to obtaining a reverse mortgage.

Reverse mortgages can help you if you are "house-rich-but-cash-poor" and you can remain in your home and still meet your financial obligations. The proceeds of the loan are tax-free, there are no minimum income requirements, and for most reverse mortgages the money can be used for any purpose. However, reverse mortgages tend to be more costly than other loans, and there have been cases of abuse by unscrupulous lenders. If you're considering a reverse mortgage, it's important to understand reverse mortgage laws and how the loan work and what your rights and responsibilities are. This is where we come in.

The law offices of Rubin & Licatesi, P.C. provide the highest caliber of legal representation in numerous areas of law. We employ extraordinarily dedicated attorneys who possess the highest academic credentials and strictest professional ethics. Our firm has built its reputation on trust, integrity and has been successfully delivering desired results to our clients.

If you are interested in speaking with an attorney from Rubin & Licatesi P.C. about reverse mortgages, please fill out this form as completely as possible or call (516) 227-2662 or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it .