AARP Lawsuit Moves Forward, Prepare for HUD’s Non-Recourse Policy

NewImage.jpgReverse Fortunes Weekly Podcast Episode #149

The latest podcast dives into a crazy week of news for reverse mortgages.  Shannon Hicks also explains how to plan ahead for HUD’s non-recourse policy.

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Talking Points:

  • AARP lawsuit proceeds despite HUD HECM mortgagee letter
  • Gallup poll shows pre-retirees looking to home equity
  • LO Compensation Rule now in effect

Knowledge & Insight:

How to explain and plan ahead for HUD’s Non-Recourse Policy

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  • One of the best ways to help the homeowners understand the concept of a non-recourse loan and avoid the controversial HUD language is to explain the concept of a deficiency balance. A deficiency balance occurs when the loan balance exceeds the property value at the time the loan becomes due. Because the reverse mortgage is a non-recourse loan the lender cannot pursue you for the deficiency balance, the shortfall that would occur if you owe more than your home is worth. I go into detail concerning the triggers that could cause the reverse mortgage to become payable.

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