Yes.
How could this be? How could our government ask that people become more self reliant, yet take away opportunities to pay for their own care?
The government is scheduled to decrease the amount of money one can borrow under a HECM (Home Equity Conversion Mortgage, i.e., reverse mortgages insured by the federal government) by 10% effective for all loans on which applications are taken on or after October 1, 2009. It is still unclear as to whether loans currently be processed will be grandfathered into the current HECM program.
