Sept/Oct 2021 Reverse Mortgage Magazine

FHA Expands Protections for Eligible Nonborrowing Spouses The Federal Housing Administration implemented new protections for eligible nonborrowing spouses (NBS), including for cases where a Home Equity Conversion Mortgage (HECM) borrower has resided in a healthcare facility for more than 12 consecutive months. Details were provided in Mortgagee Letter (ML) 2021-11 published on May 6. ML 2021-11: • Extends eligible NBS protections for all HECMs, including loans with case numbers assigned on or after August 4, 2014; • Expands assignment criteria for Mortgagee Optional Election (MOE) Assignments for all HECMs, includ- ing loans with case numbers assigned before August 4, 2014; and • Eliminates the requirement for an eligible NBS to establish marketable title or other legal rights to People are talking about ... remain in the property following the death of the HECM borrower. These changes will have a positive impact because now all HECM NBS can take advantage of the expanded deferral period andMOE Assignment. The policy revisions also provide the NBS with increased options to remain in their homes after their spouse dies. What Is the Average Retirement Savings by State? Personal Capital, an investment advisory firm based in Redwood City, CA, scanned the country to find out how people’s retirement savings stacked up. Researchers analyzed the retirement accounts of its 2.8 million dash- board users on an anonymized basis, ranking the 50 states and Washington, DC, by average retirement account balances as of April 3. The top five are: • Connecticut, with an average retirement savings of $523,568; • New Hampshire, $494,562; • New Jersey, $489,664; What’s News EVERYTHING NEW YOU NEED TO KNOW Financing Seniors’ Independence ServingUtah and Idaho for Over 20Years We opened our doors in 1999 to provide local homeowners and those wishing to be homeowners good quality mortgage loans with no hidden surprises or costs. We pride ourselves on being customer oriented and find loans that are tailor made for our clients. We added the reverse mortgage loan to our great line of product offerings and have been providing the people of Utah and Idaho this loan as another mortgage available to meet whatever financial need arises. We continue to remain committed to our clients’ mortgage financing needs, and our variety of all residential mortgage loan products makes us a great company to add to your network of professionals. FSI Mortgage Independence Square 111 East 5600 South • Suite 102 Murray, UT 84107 • NMLS #4398 www.fsimortgage.net 1-800-808-3066 8 REVERSE MORTGAGE / SEPTEMBER-OCTOBER 2021