Spouse Repayment Of Reverse Mortgages Nixed By Judge

Law360, Los Angeles (October 1, 2013, 4:28 PM EDT) -- A Washington federal judge found Monday that a U.S. Department of Housing and Urban Development policy allowing lenders to demand widowers immediately repay reverse mortgage loans when their spouse dies ran contrary to law.

U.S. District Judge Ellen S. Huvelle handed victory to a group of widowers seeking relief from the policy, which allowed the federally insured mortgages, loaned primarily to people over the age of 62, to be cashed in by the lenders following the death of the homeowner.

The battle churned over a subsection of a federal law governing how the reverse mortgages are insured. Subsection (j), as it...

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