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Reverse Mortgage Options When Spouse Dies

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Under the old reverse mortgage rules, non-borrowing spouses of reverse mortgage borrowers did not have the same rights borrowers did. In fact, in some cases where both spouses were living in the house but only one was named on the home title, those non-borrowing spouses were left without many options after the borrower spouse died. These cases have been...
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Non-Borrowing Spouses Now Have Protections

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My husband is 64-yrs old and presently the only borrower in the mortgage. I am 60 yrs. old (wife), self-employed approx. $1800-2250/month as a Mobile Notary Agent. Do we qualify in this reverse mortgage program as joint borrower? or just him as a single borrower? his income at present $2500/month. -Mary Jean Hi Mary Jean, If you decide...
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Big Changes Ahead for Reverse Mortgage Non-Borrowing Spouses

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An upcoming rule change is spelling big news for non-borrowing spouses of reverse mortgage borrowers. Historically, a non-borrowing spouse who wasn’t named on the loan could be held responsible for repaying the reverse mortgage when the named borrower passed away or had to move from the home permanently. This left some non-borrowing spouses lacking financial options if they didn’t...
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(Update) AARP-HUD Reverse Mortgage Lawsuit: The Underage Spouse Time Bomb

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Update: HUD Prevails in AARP Lawsuit—But Issues Remain Last Friday, HUD won the dismissal, without prejudice, of the case AARP filed against it on behalf of non-borrower HECM loan widowed spouses facing foreclosure. A description of the Court's decision, and an initial analysis, was prepared by NRMLA's counsel, Weiner Brodsky Sidman Kider PC: This past Friday, July 15, HUD won...
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