The reverse mortgage rules that became effective on Aug. 4, 2014 should address any concerns held by married couples who are contemplating taking out such loans. Reverse mortgages, which are also called Home Equity Conversion Mortgages (HECM), are home loans for those who are age 62 or older that allow them to convert the equity that they have in their home into cash. They provide a way for homeowners to receive additional income during their retirement years. The loan is required to be paid upon the death of the borrower, a change in residence of the borrower or sale of the home.<\/p>\n
However, one complication that has arisen is that when husbands have taken out reverse mortgages, upon their death, their wives were unable to pay off the loans, and were faced with foreclosure. As a result, the U.S. Department of Housing and Urban Development (HUD) was the defendant in a class (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The reverse mortgage rules that became effective on Aug. 4, 2014 should address any concerns held by married couples who are contemplating taking out such loans. Reverse mortgages, which are also called Home Equity Conversion Mortgages (HECM), are home loans…<\/span><\/p>\n