Last week over 350 reverse mortgage pros attended NRMLA’s Annual Meeting, Here are 7 ways to get the most from this meeting or any conference…
Continue reading7 Ways to Maximize Post-Conference Gains
Preparing HECM Non-Borrowing Spouses
Even if you’re only closing an occasional HECM loan with a spouse younger than 62, you should must let potential HECM non-borrowing spouses know of these risks.
Continue readingDefining an eligible surviving non-borrowing spouse
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EPISODE #717
What is an eligible surviving non-borrowing spouse?
Dan Hultquist reveals one overlooked or misunderstood policy for eligible non-borrowing spouses…
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Truehold- a sale-leaseback alternative?
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The Street:Â More Signs of a Troubled Housing Market Emerge
Podcast E638: Time to Move Out of MMI Fund
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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.
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The DOJ files complaint against lender for decade-old HECMS
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New waivers give non-borrowing-spouses a reprieveÂ
Reforms Sought for Non-Borrowing Spouses
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 of the Home Equity Conversion Mortgage, and improve the rules for HECM purchase transactions. An opportune moment indeed as HUD has asked for inputs to identify regulations that impose an undue burden.
The addition of non-borrowing spouse protections was a welcomed change that provided protection for the spouses of HECM borrowers not named on the loan and removed a thorn in the side of the HECM industry that buoyed claims of reverse mortgages unfairly punishing widows and widowers in their most painful and vulnerable hours. While several tweaks have been made in recent years, NRMLA has asked for improvements addressing conflicting language in HECM loan documents and provide protection to non-borrowing spouses.
While getting a reverse mortgage is complex, unwinding the loan can be even more complicated for surviving non-borrowing spouses, heirs and services
Non-Borrowing Spouse Pitfalls?
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 and problems can arise?
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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