reverse mortgage surviving spouse

Reverse mortgages and surviving spouses. – Reverse Mortgages and Surviving Spouses. Before 2014, if a Reverse Mortgage borrower did not name his or her spouse on the loan documents, that spouse was at risk of losing their home due to the loan going into foreclosure.

settlement statement hud 1 explanation what are home equity loans How Does a Home Equity Loan Work? | MACU – A home equity loan is a fixed-term loan that borrows from the equity in your home. The funds come in a lump sum, which makes this loan ideal for major expenses. home equity loan rates are often lower than personal loan rates, so this loan is also useful for debt consolidation.PDF The New Closing Disclosure Explained – – The New Closing Disclosure Explained A look at the different sections of the Closing Disclosure and explanations of each page. Know before you close. The Closing Disclosure replaces the Truth-in-Lending act (tila) disclosure and the HUD-1 Settlement Statement. Under the final rule, the creditor is responsible for delivering

Chicago Tribune: Surviving Spouses Benefit Under New Reverse Mortgage Rules – Recent changes to the reverse mortgage program are providing better protections for the spouses of reverse mortgage holders after the borrower dies, explains a recent article in the Chicago Tribune..

when banks compete you win NCUA vs. FDIC: Who Insures Credit Unions and Banks. – You might have seen it mentioned on your bank’s website or in a commercial, but what is the FDIC? The Federal Deposit Insurance Corporation is an independent government insurance agency that protects customers’ deposits in banks and thrift institutions in case of bank failures.

Boston Globe: New Reverse Mortgage Legislation to Benefit Surviving Spouses – New legislation to benefit the spouse of deceased reverse mortgage borrowers will allow them to stay in their home without the threat of foreclosure if they continue to pay taxes, insurance and associ.

Reverse Mortgage Protection for Surviving Spouses – AARP – Editor’s Note: On Sept. 30, 2013, a federal trial court in Washington, D.C., ruled that hud violated federal law when it did not protect surviving spouses of holders of reverse mortgages. Robert and ophelia bennett assumed that taking out a reverse mortgage on their Annapolis, Md., home, valued at $.

Reverse Mortgages and Protections for Non-Borrowing Spouses – If both spouses are over 62, but title is only in one spouse’s name, the titleholder must be the sole borrower. Importantly, borrowers should consider the effect the reverse mortgage could have on the surviving spouse who wishes to remain in the home. This is especially true where only one spouse is the borrower.

FHA Revises Reverse Mortgage Rules for Surviving Spouses – The Federal Housing Administration (FHA) has revised its policy for so-called reverse mortgages, expanding options for surviving spouses to remain in their homes after the death of the loan’s.

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Death Of The Reverse Mortgage Borrower | Colorado Attorneys – Left In The Cold? Rights Of Lenders, Heirs & Surviving Spouses Upon The Death Of The Reverse Mortgage Borrower Overview of Reverse Mortgages. A reverse mortgage can provide a source of income for elderly individuals while allowing them to stay in their home.

New Reverse Mortgage Rules Take Effect in August to Keep. –  · Starting August 4, new reverse mortgage rules will take effect allowing surviving non-borrowing spouses of borrowers who die to remain in their home if they pay taxes, associated fees, and insurance, without the threat of a foreclosure. As it stands, full repayment of the loan is due upon the death of the borrower.

HECM Non Borrowing Spouse Despite Regulations, Survivors Face Foreclosures After. – Children and surviving spouses of reverse mortgage borrowers are finding that the loans are threatening their own livelihood and that lenders aren’t being upfront about their options to resolve.