Friday, July 12, 2013

SIGNIFICANT PENDING CASES RE: REVERSE MORTGAGES

As I mentioned earlier, there was a CLE sponsored by Empire Justice Center on Wednesday regarding reverse mortgages - a product that appears to be heavily promoted once again.

There are two spending cases on reverse mortgages that all should be aware of:

Robert Bennett, et al., vs. Shaun Donovan HUD 703 F.3d 582 (D.C. Cir. 2013) - The right of a Non ‐Borrowing Spouse to assume a FHA reverse mortgage closed solely in the name of a now deceased spouse

Chandler vs. Wells Fargo (U. S. Dist CT ND Cal) - The right of an heir to purchase the property of a now deceased reverse mortgage recipient for the lesser of the loan balance or current market value.

The AARP has also taken an interest in these cases and a discussion, etc. can be found at the AARP
website at:

AARP Foundation Legal Advocacy - Docket Housing

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