Monday , April 22 2019
Home / Money / Reverse Mortgages: Surviving Spouses Can Now Stay In Homes
Reverse-Mortgage-Can-Stay

Reverse Mortgages: Surviving Spouses Can Now Stay In Homes

In important news, HUD has ruled that surviving spouses in homes that have reverse mortgages can now stay in the homes.

Surviving spouses of borrowers who take out reverse mortgages will be allowed to stay in their homes even if they aren’t named in loan documents. The Department of Housing and Urban Development says the new guidelines take effect for new loans issued on Aug. 4, but it doesn’t impact loans made prior to that date.

Previously, spouses who weren’t on loan documents were required to repay the reverse mortgage when the borrower died. The new guidelines come in response to a federal court case in Washington, D.C., in which non-borrowing spouses facing foreclosure are challenging HUD in order to say in their homes.

HUD says that for many years these spouses were able to refinance the reverse mortgages upon the death of the borrower in order to retain the home. The FHA says that’s become more difficult in recent years and left the spouses with few viable options if they wanted to keep the home they lived in with their spouse.

National Mortgage News reported that HUD agreed in a court hearing to suspend foreclosures for 60 days while it developed a policy letter.

HUD says FHA has no authority to alter the existing legally binding contracts that govern such current and older reverse mortgages known as a Home Equity Conversion Mortgage, which are insured by HUD. Those homeowners 62 and older get cash in exchange for equity in their homes. The loan isn’t repaid until the borrowers die, sell or move out.

For many years, non-borrowing spouses were able to refinance HECMs upon the death of their mortgagor spouses in order to retain the homes. However, FHA recognizes that for some non-borrowing spouses this option has become more difficult. This has, in many cases, left few viable options for non-borrowing spouses if they wanted to remain in the home they had previously shared with their spouse.

HUD has faced challenges in courts in recent months. In 2013, a federal court ruled that HUD regulations in which banks can foreclosure on non-borrowing surviving spouses or face them to pay off the loans, contradicts federal law. Earlier this year, a group of spouses from Nevada, California, Florida and Massachusetts filed a class action lawsuit arguing that HUD didn’t protect them as required under federal law from foreclosure and getting removed from their homes.

The new rules require that a non-borrowing spouse establish within 90 days of the death of the borrower legal ownership and the right to remain in the home and undertake the responsibility to meet the obligations of the reverse mortgages, including paying taxes and insurance. It permits the servicers to declare the loan due if the requirements aren’t met.

The spouse won’t get the benefits of any reverse mortgage payments that the borrower received, but the loan continues to accrue interest.

HUD says it will seek public comments on the change. The new guidelines are available at http://portal.hud.gov/hudportal/documents/huddoc?id=14-07ml.pdf

Check Also

Reverse Mortgage pros

5 Upsides To An HECM Reverse Mortgage

As you near your golden years, the last thing that you want to have to ...

83 comments

  1. so much wonderful information on here, : D.

  2. I enjoy your writing style genuinely loving this site.

  3. Nice blog here! Additionally your web site a lot up fast! What host are you the use of? Can I get your associate link for your host? I want my web site loaded up as quickly as yours lol

  4. I’m not that much of a online reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your website to come back down the road. Cheers

  5. Hmm it appears like your website ate my first comment (it was extremely long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog writer but I’m still new to everything. Do you have any helpful hints for novice blog writers? I’d certainly appreciate it.

  6. You are my inhalation, I have few blogs and very sporadically run out from to post .

  7. I truly enjoy examining on this internet site, it contains great articles.

  8. Wow, wonderful blog layout! How long have you been blogging for?
    you made blogging look easy. The overall look of your website is
    wonderful, let alone the content!

  9. I like this post, enjoyed this one regards for posting. “Abortion is advocated only by persons who have themselves been born.” by Ronald Reagan.

  10. Very interesting info!Perfect just what I was looking for!

  11. Thanks for another wonderful article. Where else could anyone get that kind of info in such an ideal way of writing? I’ve a presentation next week, and I’m on the look for such info.

  12. I am very happy to read this. This is the type of manual that needs to be given and not the random misinformation that’s at the other blogs. Appreciate your sharing this best doc.

  13. I do love the way you have framed this particular difficulty plus it does indeed give us a lot of fodder for consideration. Nevertheless, through everything that I have observed, I simply trust as other feed-back pack on that men and women keep on issue and don’t start upon a tirade of the news of the day. All the same, thank you for this excellent point and although I do not agree with this in totality, I regard your standpoint.

  14. I like this web site so much, saved to my bookmarks. “Nostalgia isn’t what it used to be.” by Peter De Vries.

  15. I’m really impressed with your writing skills as neatly as with the layout to your blog. Is that this a paid theme or did you customize it your self? Either way keep up the excellent quality writing, it is uncommon to see a great blog like this one nowadays..

  16. I was looking at some of your articles on this internet site and I think this web site is very instructive! Keep on putting up.

  17. I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thx again!

  18. I envy your work, thanks for all the useful content.

  19. I was reading through some of your blog posts on this site and I believe this website is rattling instructive! Keep on posting.

  20. A powerful share, I simply given this onto a colleague who was doing a little evaluation on this. And he the truth is bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I really feel strongly about it and love reading extra on this topic. If doable, as you grow to be expertise, would you thoughts updating your weblog with extra details? It’s extremely helpful for me. Huge thumb up for this weblog put up!

  21. I wanted to create you this very small word to be able to say thanks over again on your striking guidelines you’ve documented in this article. It is certainly incredibly generous with people like you to grant openly precisely what a lot of people could possibly have marketed as an electronic book to help make some money for their own end, most notably considering that you might well have tried it if you ever desired. The tactics in addition worked as the easy way to be certain that other individuals have similar fervor just as my very own to figure out good deal more with reference to this problem. I am certain there are several more enjoyable instances in the future for individuals who find out your site.

  22. Great V I should certainly pronounce, impressed with your website. I had no trouble navigating through all tabs and related info ended up being truly simple to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or anything, website theme . a tones way for your client to communicate. Nice task..

  23. Well I definitely liked studying it. This subject provided by you is very helpful for good planning.

  24. I got what you mean , thankyou for posting.Woh I am thankful to find this website through google. “It is a very hard undertaking to seek to please everybody.” by Publilius Syrus.

  25. There’s certainly a great deal to know about this topic. I love all the points you’ve made.

  26. Great wordpress blog here.. It’s hard to find quality writing like yours these days. I really appreciate people like you! take care

  27. I know this if off topic but I’m looking into starting my own weblog and was wondering what all is needed to get setup? I’m assuming having a blog like yours would cost a pretty penny? I’m not very internet smart so I’m not 100 sure. Any tips or advice would be greatly appreciated. Many thanks

  28. It is appropriate time to make some plans for the future and it’s time to be happy. I have read this post and if I could I wish to suggest you few interesting things or suggestions. Maybe you could write next articles referring to this article. I desire to read more things about it!

  29. Merely a smiling visitant here to share the love (:, btw great pattern.

  30. Hey very cool blog!! Man .. Excellent .. Amazing .. I will bookmark your web site and take the feeds also…I’m satisfied to search out a lot of useful information right here within the submit, we want work out extra strategies on this regard, thanks for sharing.

  31. I like what you guys are up too. Such clever work and reporting! Keep up the excellent works guys I have incorporated you guys to my blogroll. I think it’ll improve the value of my web site 🙂

  32. Good day! I know this is kinda off topic however I’d figured I’d ask. Would you be interested in exchanging links or maybe guest authoring a blog article or vice-versa? My website goes over a lot of the same topics as yours and I think we could greatly benefit from each other. If you happen to be interested feel free to send me an email. I look forward to hearing from you! Great blog by the way!

  33. Great beat ! I wish to apprentice while you amend your site, how could i subscribe for a blog web site? The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept

  34. Hello. fantastic job. I did not expect this. This is a splendid story. Thanks!

  35. I truly enjoy reading on this website, it contains great content. “The living is a species of the dead and not a very attractive one.” by Friedrich Wilhelm Nietzsche.

  36. Howdy very cool site!! Guy .. Excellent .. Superb .. I’ll bookmark your blog and take the feeds additionally?KI am satisfied to seek out so many useful info here within the submit, we need develop more strategies on this regard, thank you for sharing. . . . . .

  37. As a Newbie, I am continuously exploring online for articles that can benefit me. Thank you

  38. I have recently started a blog, the information you offer on this site has helped me greatly. Thank you for all of your time & work.

  39. I like this web site very much, Its a real nice post to read and obtain info . “Education is the best provision for old age.” by Aristotle.

  40. Do you mind if I quote a few of your articles as long as I provide credit and sources back to your webpage? My blog site is in the exact same area of interest as yours and my users would really benefit from some of the information you present here. Please let me know if this alright with you. Thanks!

  41. Wow! Thank you! I continuously wanted to write on my blog something like that. Can I implement a part of your post to my site?

  42. Nice read, I just passed this onto a colleague who was doing some research on that. And he actually bought me lunch since I found it for him smile So let me rephrase that: Thanks for lunch!

  43. Thank you for every other informative website. Where else could I get that kind of information written in such a perfect manner? I have a project that I am just now working on, and I have been on the glance out for such info.

  44. What i don’t realize is actually how you are now not really a lot more neatly-appreciated than you may be now. You are very intelligent. You already know thus considerably in relation to this matter, made me individually imagine it from numerous various angles. Its like men and women aren’t involved unless it’s something to do with Lady gaga! Your individual stuffs great. Always handle it up!

  45. I’ve recently started a site, the information you provide on this website has helped me greatly. Thank you for all of your time & work.

  46. I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…

  47. F*ckin’ remarkable things here. I am very glad to see your article. Thanks a lot and i’m looking forward to contact you. Will you please drop me a e-mail?

  48. fantastic post, very informative. I wonder why the other specialists of this sector do not notice this. You should continue your writing. I’m sure, you’ve a great readers’ base already!

  49. Its like you read my mind! You appear to know so much about this, like you wrote the book in it or something. I think that you could do with a few pics to drive the message home a bit, but instead of that, this is excellent blog. A great read. I will definitely be back.

  50. Simply a smiling visitant here to share the love (:, btw outstanding style.

  51. WONDERFUL Post.thanks for share..more wait .. …

  52. I have recently started a site, the info you provide on this site has helped me greatly. Thanks for all of your time & work.

  53. This is the reasoon you want to start using Neuroscientia – an educational repository of cognitive health tutorials and powerful brainy tips for learning, IQ and mental flow. What do you think?

  54. It’s best to take part in a contest for probably the greatest blogs on the web. I’ll advocate this site!

  55. You are my aspiration, I own few web logs and sometimes run out from to brand : (.

  56. Please let me know if you’re looking for a author for your site. You have some really good posts and I think I would be a good asset. If you ever want to take some of the load off, I’d really like to write some articles for your blog in exchange for a link back to mine. Please blast me an email if interested. Thanks!

  57. I went over this internet site and I think you have a lot of superb information, saved to favorites (:.

  58. I am constantly searching online for ideas that can aid me. Thank you!

  59. There are certainly loads of particulars like that to take into consideration. That may be a great level to deliver up. I provide the ideas above as normal inspiration but clearly there are questions just like the one you bring up where crucial thing will probably be working in trustworthy good faith. I don?t know if greatest practices have emerged around issues like that, but I am certain that your job is clearly identified as a good game. Both girls and boys really feel the impact of just a second’s pleasure, for the remainder of their lives.

  60. Good day very cool website!! Guy .. Excellent .. Wonderful .. I will bookmark your blog and take the feeds also…I am glad to search out so many useful info right here in the publish, we need work out more techniques on this regard, thank you for sharing.

  61. Thank you for another magnificent post. Where else could anybody get that kind of info in such a perfect way of writing? I have a presentation next week, and I am on the look for such information.

  62. F*ckin’ awesome things here. I am very glad to see your post. Thanks a lot and i am looking forward to contact you. Will you please drop me a e-mail?

  63. Valuable information. Lucky me I found your web site by accident, and I’m shocked why this accident did not happened earlier! I bookmarked it.

  64. Hello There. I found your blog using msn. This is a very well written article. I will be sure to bookmark it and return to read more of your useful info. Thanks for the post. I’ll definitely return.

  65. you’ve got an amazing blog here! would you like to make some invite posts on my blog?

  66. Great wordpress blog here.. It’s hard to find quality writing like yours these days. I really appreciate people like you! take care

  67. Hiya! I simply want to give an enormous thumbs up for the great info you will have here on this post. I can be coming again to your weblog for more soon.

  68. It’s appropriate time to make a few plans for the longer term and it is time to be happy. I’ve read this submit and if I could I desire to counsel you some attention-grabbing issues or advice. Perhaps you can write subsequent articles regarding this article. I want to read more things about it!

  69. Rattling fantastic information can be found on web site.

  70. I am no longer sure the place you are getting your information, however great topic. I must spend some time learning more or understanding more. Thank you for magnificent information I was in search of this information for my mission.

  71. As a Newbie, I am continuously browsing online for articles that can be of assistance to me. Thank you

  72. Yeah bookmaking this wasn’t a high risk decision great post! .

  73. Pretty great post. I just stumbled upon your weblog and wished to say that I’ve really enjoyed surfing around your blog posts. After all I will be subscribing to your feed and I hope you write again very soon!

  74. Hi, I think your site might be having browser compatibility issues. When I look at your website in Safari, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, fantastic blog!

  75. Thanks for the sensible critique. Me and my neighbor were just preparing to do some research about this. We got a grab a book from our area library but I think I learned more clear from this post. I’m very glad to see such fantastic info being shared freely out there.

  76. I’m not that much of a online reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your website to come back later on. All the best

  77. Some truly interesting info , well written and generally user friendly.

  78. Pretty section of content. I just stumbled upon your site and in accession capital to assert that I get actually enjoyed account your blog posts. Anyway I will be subscribing to your feeds and even I achievement you access consistently fast.

  79. Great write-up, I?¦m regular visitor of one?¦s site, maintain up the nice operate, and It is going to be a regular visitor for a lengthy time.

  80. I’ve recently started a site, the information you provide on this web site has helped me tremendously. Thank you for all of your time & work.

  81. Thank you a lot for sharing this with all folks you actually recognize what you are speaking approximately! Bookmarked. Please additionally consult with my website =). We may have a link exchange contract among us!

  82. Here you go reverse mortgage changes

Leave a Reply

Your email address will not be published. Required fields are marked *