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.

Reverse Mortgage Guideline Changes

The Department of Housing and Urban Development plans on publishing a Mortgagee Letter to provide guidelines on two separate policies.  The first addresses the non-borrowing spouse issue which will allow a spouse under the age of 62 to be placed on the reverse mortgage loan.  The second policy change will deal with financial assessment to help strengthen the program and protect borrowers.  The Mortgagee Letter is expected to be published in mid-February with an implementation 90 days after it is issued.

For up to date information on reverse mortgages, send a request to be contacted by a top reverse mortgage lender.  Visit:  www.reversemortgagebenefit.com.

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