Reverse mortgage reforms create stampede among would-be borrowers

A rules change that will raise fees and reduce loan amounts for reverse mortgages apparently has created a nationwide rush to get new loans completed before the reforms take effect Monday, Oct. 2.
Agencies providing financial counseling needed for such loans have been swamped, and a leading industry group has appealed for waivers and extensions so more borrowers will qualify under the old rules.
“Our industry is currently inundated,” said Julie Martinez, a reverse mortgage