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.
Continue readingParsing Words
As industry watchdog and consumer advocate Atare Agbamu puts it “Fourteen words”. At the heart of the non-borrowing spouse debate and subsequent lawsuits brought agains HUD are fourteen words found in the original regulations of the HECM program as part of the National Housing Act in subsection J entitled “Safeguard to prevent displacement of homeowner”
Continue readingA New Type of Non-Borrowing Spouse
We had mentioned in an earlier episode that we expected to see HUD bring futher clarification to the new Non Borrowing Spouse policy. Last week however we have a new twist. The Ineligible Non-Borrowing Spouse.
Continue readingNon-Borrowing Spouse Policy: A Wrench in the Gears?
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.
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