Attention seniors looking for a reverse mortgage!\ David Stevens, the new FHA Commissioner announced as of October 1st this year that there will be a 10 percent cut in the mount of money seniors can receive from the reverse mortgage program.

This announcement is a major bombshell coupled with a few more policies concerning FHA appraisal guidelines.

Why did this happen? Due to declining property values, FHA is facing an $800 million dollar shortfall in funds. This deadline is coming at lightening speed so if you are thinking about that reverse mortgage, some of your funds just got cut.