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non-borrowing spouses

Reforms Sought for Non-Borrowing Spouses

Shannon Hicks
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

M.O.E. An Alternative to HECM Foreclosures

Shannon Hicks
This monumental policy change comes in the wake of several notable lawsuits brought against the Federal Housing Administration (FHA) and reflects the agency’s desire to close the door on further displacement of younger non-borrowing spouses. Let me begin by saying that this policy is somewhat complex and we will only

The Non-Borrowing Spouse Surprise?

Shannon Hicks
The Home Equity Conversion Mortgage or HECM program still only allows borrowers 62 or older but now adjusts proceeds based on the age of the younger non-borrowing spouse. In essence it gives the non-borrowing spouse the right to remain in the home indefinitely during a ‘deferral period’ provided requirements are

BREAKING: New PLFs Released

Shannon Hicks
More money for older HECM borrowers, substantially less when younger non-borrowing spouse present Today HUD released new PLFs (Principal Limit Factors) which now include a table for younger co-borrowers.  Jerry Wagner, the President & owner of IBIS Software which provides  origination software and information for both HUD and HECM Lenders

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