November 17, 2024 9:29 am
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Federal reverse mortgage program takes a hit

reverse-mortgagesBy Nick Timiraos | The Wall Street Journal

A federal court rejected the Obama administration’s interpretation of a law governing a popular mortgage program for senior citizens that had led some homeowners to face foreclosure after a spouse died.

The decision, handed down Monday, threatens to increase potential losses for the federally insured reverse-mortgage program, which allows homeowners 62 years or older to borrow money against the value of their homes. When the borrower moves or dies, the lender that originated the reverse mortgage takes possession of the home and sells it, and the proceeds are used to repay the loan.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.