Reverse mortgages provide older homeowners with the resources to “age in place” and pay for essential living expenses. Yet, an increasing number of borrowers with federally-insured Home Equity Conversion Mortgages (HECMs) and their surviving spouses are facing foreclosure or other disruption. The U.S. Department of Housing and Urban Development (HUD) significantly revised its program guidelines recently to allow surviving non-borrowing spouses to remain at home after the borrower on a reverse mortgage dies. This program will discuss these changes and loss mitigation options for borrowers facing foreclosure due to property charge default and will provide other updates on the HECM program.
This Legal Basics training is for advocates familiar with HECM reverse mortgages. The program will focus on updating and highlighting recent developments.
• Sarah Bolling Mancini, National Consumer Law Center
• Odette Williamson, National Consumer Law Center