Advanced Search

Volume 7 - Number 14

July 3, 2014

Protection Extended for Surviving HECM Spouses

The FHA has extended indefinitely the timeframe during which servicers may begin to foreclose on properties with reverse mortgages while it considers possible steps to protect non-borrowing spouses of deceased reverse-mortgage borrowers from outright eviction from their homes. The latest action stemmed from a June 10 court order, which found that current statutory protection for reverse mortgage borrowers against forced eviction and foreclosure extended to their spouses even if the latter is not a co-signer on the note. Non-borrowing spouses of deceased Home Equity Conversion Mortgage borrowers sued in federal district court in Washington, DC, last year to stop foreclosure on their homes and to challenge the Department of Housing and Urban Development’s interpretation of the regulation. Since launching the HECM program, HUD has required that a HECM be ...

Subscribers to Inside FHA/VA Lending have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.

Subscriber Log In

If you are a current subscriber or already purchased this article, please login below.

Forgot your password?

Already subscribe but haven't registered for all the benefits of the website?

Subscribe

This biweekly resource helps mortgage executives grow and manage their FHA business.

 

Pay-Per-View

You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.

Pay Per View

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.
2 to 3 years. GSE reform is complicated.
Sadly it won’t happen in a Clinton or Trump first term.
Not in my lifetime.

vote to see results
Housing Pulse