New Rules Make It Harder To Apply For Reverse Mortgages

Starting today, the Federal Housing Administration is imposing new rules that will make it harder to apply for a reverse mortgage.

The loans allow home owners over 61 that have home equity to convert that into cash, but there can be a lot of problems with the process.

Here & Now's Jeremy Hobson looks at reverse mortgages with Jill Schlesinger of CBS News, who is also a certified public accountant.