The Department of Housing and Urban Development (HUD) has made changes to non borrowing spouse requirements to allow the surviving spouse to defer the repayment of their spouse's reverse mortgage if they should pass away or need to move away. In addition, this will allow a spouse who is not 62 at the time of acquiring a reverse mortgage to be included at inception. HUD is in the process of releasing new loan tables for younger spouses under the age of 62. This change will allow more reverse mortgage couples to qualify as well as provide equal protection for both spouses. HUD's mortgagee letter can be viewed at: http://portal.hud.gov/hudportal/documents/huddoc?id=14-07ml.pdf
For more information on reverse mortgages: www.reversemortgagebenefit.com
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