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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