Texas and Non-Borrowing Spouses

As of August 8th 2014, the state of Texas is not allowing the new HUD rules on Non-Borrowing Spouses (NBS) regarding reverse mortgages.  The good news is that the spouse issue is not a constitutional issue and is expected to be resolved in the next month or two.  The National Reverse Mortgage Lenders Association (NRMLA) is currently working with HUD to amend Texas loan documents to allow for the implementation of the new NBS rules.  We will keep you posted as developments unfold.