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HUD’s recent update to Non-Borrowing-Spouse policy lauded by consumer advocates
Is the battle over? HUD’s recent change to non borrowing spouse policy for Home Equity Conversion Mortgages is lauded by consumer advocates. June 12th may mark the end of the long fought battle between the Department of Housing and Urban Development, displaced borrowers and consumer advocacy groups.
The dispute largely centered on the definition of who a homeowner is and whether that included the non-borrowing spouse of a reverse mortgage borrower. Much of the debate centers on conflicting definitions within the text of the statute which created the Home Equity Conversion Mortgage program. For example under section (b)definitions reads: The terms “elderly homeowner” and “homeowner” mean any homeowner who is, or whose spouse is, at least 62 years of age or such higher age as the Secretary may prescribe”…
Download a transcript of this episode here.
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