In case you missed it, here’s what happened in reverse mortgage news this week:
FHA Updates Reverse Mortgage Program to Protect Non-Borrowing Spouses—Non-borrowing spouses will be able to defer the loan’s due and payable status, according to the most recent update to the federal reverse mortgage program.
U.S. News Offers Four Alternatives to Reverse Mortgages—Since there’s no one-size-fits-all when it comes to reverse mortgages, and U.S. News suggested four alternatives for homeowners to access home equity.
Senators Voice Concerns for Reverse Mortgage Heirs—Concerned that the heirs of reverse mortgage borrowers are “threatened” to pay the loan balance past the 95% threshold of the home’s appraised current value, two senators wrote a letter to HUD requesting greater protections for reverse mortgage heirs.
1st Reverse Mortgage USA Shifts Executive Leadership Roles—The top-10 industry lender is reworking its executive team with the goals of driving long-term growth and increasing efficiencies across various operating segments.
Seattle Times: Reverse Mortgage Heirs Grapple with Inheritance—Reverse mortgage heirs continued to grapple with inheritance issues, with one heir writing a letter to the Seattle Times about a personal experience regarding the death of his/her father and the legal battle that ensued.
Written by Jason Oliva