Current restrictions require Seniors to spend six months and a day living in the home, prevent renting it and limit Seniors to one Reverse Mortgage. Preventing Seniors from renting a property is an unfair restriction on the use of private property. No lender should tell Seniors where to live or limit their travel time.
Removing these restrictions will benefit the economy and the housing market's recovery. Seniors will be able to get much needed rental income. Some own a second home purchased as a future retirement home. Removing the requirement that a home be the primary residence and permitting two reverse mortgages will allow seniors to retain that 2nd home and reduce the number of homes on the market. This will help the recovery. Fannie Mae will benefit by improving its portfolio.
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