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Spouses Protected: 2014 HUD Rule Lets Widow Stay After Reverse Mortgage

Original: Her Husband Is Taking Out the Reverse Mortgage in His Name Alone. When He Dies, a 2014 HUD Rule Will Let Her Keep Living There, and the Lender Will Have to Wait

A 2014 HUD rule is drawing attention from homeowners weighing reverse mortgages taken out in one spouse's name alone. Under the rule, when the borrowing spouse dies, a non-borrowing surviving spouse can remain in the home for life, and the lender cannot foreclose or demand repayment until she moves out or dies. The rule shields widows and widowers who were left off the original loan from eviction, addressing fears that once gripped many surviving spouses.

Why now: Retirees are weighing reverse mortgages and want to know how surviving spouses are protected when only one name is on the loan.

HUDUS Department of Housing and Urban Development

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Evidence

• Her Husband Is Taking Out the Reverse Mortgage in His Name Alone. When He Dies, a 2014 HUD Rule Will Let Her Keep Living There, and the Lender Will Have to Wait · 24/7 Wall St.

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