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.

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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..

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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.