Friday Round-Up: HUD Provides Updates on Reverse Mortgage Financial Assessment

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

HUD Makes Headway on Reverse Mortgage FA, Non-Borrowing Spouses—A HUD official relayed to NRMLA’s board that the agency will soon publish a Mortgagee Letter clarifying its non-borrowing spouse policy, followed by another Mortgagee Letter with more information on the previously announced financial assessment. The first letter addressing non-borrowing spouses is expected in the next few weeks. 

Congress Members Turn Tables on CFPB in New Consumer Polling—Instead of the CFPB taking a look into consumers, a Congressional committee is seeking answers from consumers on the CFPB. 

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Live Well Launches New Fixed “Fourtune” Reverse Mortgage Product—Live Well launched its second new HECM product in a matter of weeks. The Fixed “Fourtune” allows borrowers to take an upfront draw with four subsequent draws after the 365 days post closing period has passed. 

Chicago Tribune: Must-Knows When Inheriting a Reverse Mortgaged Home—The Chicago Tribune responded to a reader inquiry about what happens when an heir inherits a home that has been reverse mortgaged. Read the response. 

Obama Announces Plan for New “MyRA” Retirement Account—In his State of the Union Address, President Obama pointed to the need for more retirement savings tools. Enter the MyRA Retirement Account—a solution proposed by the Administration. 

Written by Elizabeth Ecker