New regulations for reverse mortgages

New regulations regarding reverse mortgages will raise the loan limit on mortgages guaranteed by the federal government, according to the New York Times. The new legislation, signed into law earlier this year and expected to go into effect Nov. 1, are intended to give homeowners access to more of their homes' equity and provide stricter consumer protection, the paper writes.

The new legislation increases the maximum loan amount to $417,000 in the continental United States, and limits closing costs to $6,000, the Times reports. Loan counselors will be required to pass exams at borrowers' expenses.