FHA Updates Reverse Mortgage Rules for Non-Borrowing Spouses

ReverseFocusReverse Focus Weekly Podcast Episode #307

In this week’s Reverse Focus podcast, Shannon Hicks discusses new changes to federally-insured Home Equity Conversion Mortgages (HECMs) that protects non-borrowing spouses. Under the changes, non-borrowing spouses will now be able to remain in their homes provided that they are married to borrower at the time of loan closing, among other requirements.

Also in non-borrowing spouse news, the Department of Housing and Urban Development recently issued a notice that increases the foreclosure timeline for non-borrowing spouses to an additional 60 days. HUD will exercise the extension on a case-by-case basis. 

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In another story, a California congressman urged the Federal Housing Administration (FHA) to make HECMs a loan of last resort, where he urges the FHA to implement program reforms to protect consumers, claiming that misinformation and “bad actors” have flooded the market in the aftermath of the Great Recession.

Lastly, the Federal Housing Finance Agency is making a push to expand access to nation’s mortgage database. The unprecedented move looks to create the largest mortgage database in the country’s history.

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Talking Points:

  • FHA to include spouses under age 62 this August
  • HUD extends foreclosure timeline for non-borrowing spouses
  • California congressman urges FHA reverse mortgage reform
  • Federal agencies to collect more data on mortgage loans

Listen Now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.” Editor’s Note: These posts are sponsored by Reverse Focus.

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