According to a new report, the latest round of consumer protections for reverse mortgage borrowers are also having a positive affect on services and non-borrowing spouses.
"From a servicer’s perspective, we see this mortgagee letter as being a very positive change from HUD that is important for the non-borrowing spouses associated with older HECM loans," Ryan LaRose, president and COO of national subservicer Celink told Reverse Mortgage Daily in an email.
"The elimination of some of the more challenging HUD ‘qualifiers’ that previously existed will make the process more streamlined for the non-borrowing spouses."
These protections allow non-borrowing spouses to stay in their homes and more companies are welcoming the changes that have streamlined the reverse mortgage industry.
To learn more the new borrower protections for reverse mortgages, click on the image above.