The non-borrowing spouse of a HECM entered into prior to Aug. 4, 2014, may — providing certain conditions are met — be named on the mortgage after the death of the primary borrower.
The HECM program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction.
Borrowing against the equity in your home can have pitfalls.
The FHA is attempting to recoup losses with stricter standards for its reverse mortgage program.
The FHA is changing the rules for lump-sum payouts.