Everyone in the country seems to be talking about the new Housing Bill that President Bush recently signed in to legislation. Considering the housing economy slump over the last few years, this is no surprise. But the conversations that are taking place seem to be mired in confusion because people don't clearly understand what the new changes mean for them.
One report indicates that there are five major questions that keep coming up again and again among people concerned about the impact of the Housing Bill. Those questions are:
1. Why do Fannie Mae and Freddie Mac get assistance from the government from this bill?
2. Which homeowners qualify to refinance their existing mortgages under the new bill?
3. What are the details of the homebuyer tax credit written into the bill?
4. What else do I need to know that's in the fine print of this bill?
5. How does the bill impact reverse mortgages?
It is important to realize that the Housing Bill improves the reverse mortgage loan for seniors. Apparently people remain confused about what this all means. Those people who are considering reverse mortgage loans should discuss the impact of the bill with their reverse mortgage counselors.
Question of the Day: What is causing confusion regarding the reverse mortgage aspect of the new Housing Bill?
