Amendments to HUD’s Non-Borrowing Spouse Policy for all Home Equity Conversion Mortgage (HECM) Loans.
The specific updates include the following:
• expands criteria which will begin a deferral period for HECMs with case numbers assigned on or after August 4, 2014;
• expands assignment criteria for Mortgagee Optional Election (MOE) Assignments for HECMs with case numbers assigned before August 4, 2014; and
• eliminates the requirement for an Eligible Non-Borrowing Spouse to establish marketable title or other legal right to remain in the property following the death of the HECM borrower.