Financial Fresh Start by Shari Olefson

Author:Shari Olefson
Language: eng
Format: epub
Publisher: AMACOM Books
Published: 2013-10-09T16:00:00+00:00

The Great Recession and troubles in housing uncovered the challenges faced by reverse mortgage loan borrowers, ultimately serving as a catalyst for new rules and reforms. For example, at one point under the old rules, the position was taken that if you inherited a home from a parent or spouse who had taken out a reverse mortgage loan, and you wanted to keep the home, you had to pay off the full reverse mortgage loan balance, even if the home had dropped in value. Now, in the wake of a lawsuit by AARP and a lot of bad press, when a reverse mortgage loan becomes due following the mortgager’s death and the property is transferred (by his will or by law) to his estate or heirs, that recipient can pay off the reverse mortgage loan by repaying the reverse mortgage loan balance or 95 percent of the home’s then-current appraised value, whichever is less. The new rules and reforms also include additional changes to reverse mortgage loan servicing practices, requirements for lender-provided information about pre-application reverse mortgage loan counseling, new rules and reforms regarding eviction after foreclosure of a reverse mortgage loan, and permitted repayment time frames.

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