The Department of Housing and Urban Development is marketing for sale multiple pools of reverse mortgage loans that were assigned to HUD and are currently being serviced by the department.
In a press release last week, the agency specified that it will offer multiple residential pools on April 11, and that those pools consist of around 650 notes with a loan balance of roughly $136 million.
All of the loans are secured by vacant properties where the last surviving borrower is now deceased — with no non-borrowing spouses.
Reverse mortgage loans can be reassigned to HUD when the loan balance reaches 98% of the maximum claim amount.
The agency has successfully sold similar loan pools in the past to specialized buyers.
Written by Elizabeth EckerPrint Article