Friday Round-Up: HUD Clarifies Reverse Mortgage Rules

In case you missed it…here’s what happened in reverse mortgage news this week:

Reverse mortgage originators saw silver lining in new program changes. Despite challenges of the federal reverse mortgage overhaul, originators remain optimistic for the change to come. 

HUD clarifies new reverse mortgage rules. In a new mortgagee letter, the Department of Housing and Urban Development (HUD) clarified rules related to mandatory obligations and life expectancy set-asides.

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Reverse mortgage counselors reminded of non-borrowing spouse rules. The National Reverse Mortgage Lenders Association this week circulated a reminder from HUD to reverse mortgage counselors on rules regarding non-borrowing spouses.

Program changes believed to birth a reverse mortgage revival. Bankrate discussed that new program changes could help reverse mortgages experience a rebirth as market conditions improve.

Security One Lending continued its outreach to financial planners. S1L made progress in educating financial planners about reverse mortgages as a practical retirement tool, attracting hundreds of planners for a webinar.

Written by Jason Oliva

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