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Reverse Mortgage Tips

Vera Gibbons spoke with Julie Chen about when is a good time for a reverse mortgage and what to look out for.

2 Senators Question Effects of a Reverse Mortgage Proposal - The ...

Advocates for the elderly persuaded federal housing officials two years ago to offer more rights and protections to the spouse of a borrower who takes out a reverse mortgage and later dies.

Now there is concern that a small wording change in the Trump administration’s proposed budget request for the Department of Housing and Urban Development could undo some of those protections — potentially increasing the chances that a surviving spouse who did not sign the mortgage documents could lose a home in a foreclosure .

Two United State senators sent a joint letter to Ben Carson, the secretary of HUD and Mick Mulvaney, director of the Office of Management and the Budget two months ago, seeking clarity on the proposed wording in the budget request. The two — Senator Marco Rubio , Republican of Florida, and Senator Catherine Cortez Masto, a Nevada Democrat — asked whether the agency was seeking to reverse the earlier policy change.

HUD budget wording may threaten reverse mortgage protections

Senators Marco Rubio (R.-Fla.) and Catherine Cortez Masto (D.-Nev.) sent a joint letter to Ben Carson, the secretary of the Department of Housing and Urban Development, and Mick Mulvaney, director of the Office of Management and the Budget, two months ago, seeking clarity on the proposed wording in the budget request and asking whether the agency was seeking to reverse the earlier policy change.

The senators have yet to receive a response from HUD, which is causing some concern.

Before the change in policy two years ago, a surviving spouse who had not signed the mortgage document often had to pay what was left on the loan in full or risk being evicted in a foreclosure.

In their May 31 letter, the senators referred to the old policy as a "loophole" that had "compounded the stress faced by widows and widowers at a time when they were already grieving the loss of their spouse."

The proposed change in the National Housing Act that the senators and advocates for the elderly find

What is the downside of reverse mortgages?

My in-laws are elderly (in their mid and late 80s) and own their home outright. The in home care expenses for my father in law are mounting and reverse mortgaging their home seems to be the answer.


This product has become ever more popular with the aging society. Because of this these loans are changing almost daily. The downside to this type of loan is your house is appreciating after you lock in the payment rate.