Tag: mortgage debt

Woman smiling while holding a coffee cup
Housing Rights Center of Michigan, HUD, Money and Finances, mortgages

Reverse Mortgage Update: HUD Throws a Lifeline to Surviving Non-Borrowing Spouses

Via the National Consumer Law Center, The U.S. Department of Housing and Urban Development (HUD)’s newly revised policy provides spouses of reverse mortgage borrowers with the most workable option to date to prevent surviving spouses’ evictions and homes from foreclosures. HUD’s Mortgagee Letter 2015-15 affirms that reverse mortgage lenders now have the option to assign a loan to HUD if there is a surviving spouse living … Continue reading Reverse Mortgage Update: HUD Throws a Lifeline to Surviving Non-Borrowing Spouses

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Loving, handsome senior couple relaxing in the park
Housing Rights Center of Michigan, mortgages

A Step Forward Michigan Success Story: Ruby and Daniel

by Katie Burns, J.D., Attorney, Housing Counselor, and HUD Certified Reverse Mortgage Counselor To protect client confidentiality, all names have been changed in this post. Lifelong Detroit residents Ruby and Daniel, both turning 78 this summer, have been married for over 40 years. They purchased their home in 1977, after some medical issues forced Daniel to stop working for General Motors. He had a brain … Continue reading A Step Forward Michigan Success Story: Ruby and Daniel

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House on bird's nest
Housing Rights Center of Michigan, Money and Finances, Planning for the Future

Home Equity Conversion Mortgage Pros and Cons

by Katie Burns, J.D., Attorney, Housing Counselor, & HUD Certified Reverse Mortgage Counselor Homeowners age 62 and older qualify for a reverse mortgage. A reverse mortgage is a loan that converts existing home equity into tax-free cash. Unlike a regular or ‘forward’ mortgage, however, there are no monthly payments required. In fact, depending on the type of payment plan selected, a reverse mortgage may actually … Continue reading Home Equity Conversion Mortgage Pros and Cons

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Money and Finances

The Consumer Financial Protection Bureau Issues Report on Older Consumers at Mortgage Debt

Mortgage debt has become an increasing trend for older adults, making retirement security a concern for many homeowners. The Consumer Financial Protection Bureau has been tracking this recent trend, and has recently released a report titled “A snapshot of older consumers and mortgage debt.” The snapshot is composed of data from the Census Bureau, the Federal Reserve, and the CFPB’s consumer complaints, among other sources, to … Continue reading The Consumer Financial Protection Bureau Issues Report on Older Consumers at Mortgage Debt

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