HUD drops harsh rule on reverse mortgages

The Department of Housing and Urban Development has thrown out a rule it put in effect in 2008 for reverse mortgages that was causing grief for some homeowners and heirs.

The rule reversal came about in response to litigation by the AARP Foundation, which sued HUD on behalf of three surviving spouses of deceased reverse mortgage borrowers, who were put in danger of foreclosure because of the rule.

Click HERE For More Information | Chicago Tribune

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