Tag: reverse mortgage

Reformation Claims: The Answer for Non-Borrowing Spouses Facing Foreclosure of a Reverse Mortgage?
By November 11, 2013 0 Comments Read More →

Reformation Claims: The Answer for Non-Borrowing Spouses Facing Foreclosure of a Reverse Mortgage?

What a mess HUD has made for elderly couples federal law always meant to protect. Federal law prohibits HUD from insuring reverse mortgages that allow the loan to come due before the death of the borrower or the borrower’s spouse. Despite the plain language of the statute, HUD issued regulations that allow a lender to […]

Posted in: Features
Bennett v. Donovan: Non-Borrowing Spouses Still Face Foreclosure of Reverse Mortgages
By November 10, 2013 4 Comments Read More →

Bennett v. Donovan: Non-Borrowing Spouses Still Face Foreclosure of Reverse Mortgages

A district court recently found that a HUD regulation for reverse mortgages violated federal law. Despite some news reports, the court did not hold that a lender is prohibited from foreclosing a reverse mortgage when the property is the principal residence of a non-borrowing spouse. As we will see, for now non-borrowing spouses remain at […]

Posted in: Cases
By March 14, 2013 0 Comments Read More →

Bill Grandfathering Property Tax Deferral for Some Seniors With Reverse Mortgages Passes Oregon House

The Oregonian reports that the Oregon House has passed HB 2489. The bill makes permanent an exemption that allows about 1500 low income and disabled seniors to continue participating in a state-funded property tax deferral program even if they have reverse mortgages. The reverse mortgage exemption applies only to those seniors who were participating in […]

Posted in: News and Events
By January 24, 2013 0 Comments Read More →

NCOA Issues Updated Guide for Seniors Considering a Reverse Mortgage

The National Council on Aging (NCOA) today issued the 2013 version of Use Your Home to Stay at Home™, the official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development (HUD). The guide is designed to help seniors understand the pros and cons of a reverse mortgage. Reverse mortgages allow […]

Posted in: News and Events