MortgageCurrentcy Subscriber Library

Description:

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.

Document type:

  • Agency Bulletin/Form

Agency:

FHA

Download:

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