In case you missed it… here’s what happened in reverse mortgage news this week.
HUD Moves in on Reverse Mortgage Non-Borrowing Spouse Solution—In a hearing in Washington last week regarding reverse mortgage non-borrowing spouses and the latest in a lawsuit filed by AARP against HUD, HUD’s attorney said the agency was working on new foreclosure guidance for lenders (see below).
Ocwen Freezes Future Mortgage Servicing Deals—Following ongoing scrutiny by regulators led by New York state officials, Ocwen said it was halting all servicing deals for the time being. The company’s executives said during a quarterly earnings call that putting a hold on its deals would impact its servicing pipeline.
HUD Details 60-Day Foreclosure Extension For Reverse Mortgage Non-Borrowing Spouses—Following a court hearing in which a HUD attorney noted the agency was working on the issue, HUD detailed a 60-day foreclosure extension now available to non-borrowing spouses. Lenders can apply for the extension via HUD.
Financial Advisor Column: Reverse Mortgages Worth Considering—A column in trade publication Bank Investment Consultant detailed the pros of reverse mortgages from a retirement planning standpoint. The article leans on research from Texas Tech and the standby approach to reverse mortgage use.
Mortgage Prof: Top 10 Situations a Reverse Mortgage Makes Sense—The Mortgage Professor a.k.a. Jack Guttentag writes in his latest column a summary of 10 situations where a reverse mortgage makes sense. Read the list.
Written by Elizabeth Ecker