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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!