Unable to use the embedded player? Listen here. EPISODE #669 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
Unable to use the embedded player? Listen here. New FHA Commissioner calls to remove HECM from FHA MMI Fund The HECM likely needs to be removed from FHA’s Mutual Mortgage Insurance Fund to stop traditional mortgage borrowers from subsidizing losses. Other Stories: The DOJ files complaint against lender for decade-old
NRMLA Submits Requests to Reform NBS Policies There may be a window of opportunity in the wake of President Trump’s call to overhaul regulations for financial institutions and housing agencies. The National Reverse Mortgage Lenders Association (NRMLA) submitted several requests to HUD to update and refine the non-borrowing spouse provisions
Non-Borrowing Spouse Pitfalls. As with any new policy often more questions arise than answers. HUD’s recent Non-Borrowing Spouse policy is no exception to this rule. While benefiting younger spouses with the peace of mind of being able to remain in the home after the death of their spouse what pitfalls
What may have gone unnoticed by some may in fact turn out to be one of the most momentous policy decisions in the history of the HECM program: the non-borrowing spouse provision.