In the past if the surviving spouse was not on the mortgage then they could face foreclosure in the event of a reverse mortgage. Effective Aug 4th that will no longer happen as long as the surviving spouse continue payments of taxes and insurance. This is a result of the AARP lawsuite versus HUD.
A reverse mortgage is for 62 years old+ homeowners who have significant equity in their home who wish to take that equity out without being responsible for monthly mortgage payments.
Learn more about the decision here.
So if you are considering a 55+ community or retirement home in our area then things just got better for you. Please contact us to help in your home search.
Posted by Carey Frankel on
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