FHA makes sweeping changes to NBS policies

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FHA makes sweeping changes to non-borrowing spouse rules

Last Thursday FHA announced sweeping changes to non-borrowing spouse protections for Home Equity Conversion Mortgages in Mortgagee Letter 2021-11. Lenders may choose to begin implementing the new policies immediately. On or after September 3, 2021 lenders will be required to adhere to the new NBS procedures.

A concern for many is what happens when a borrower goes into a long-term care facility longer than 12 months…

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