Eligible non-borrowing spouses may avoid foreclosure based on FHA guidelines released in Mortgagee Letter 2015-15. When a reverse mortgage borrower passes away, a lender may now choose to foreclose the home or use a Mortgagee Optional Election Assignment (MOE). The MOE further defers the repayment of the reverse mortgage for the non-borrowing spouse. In other words, non-borrowing spouses may have the opportunity to stay in their homes after their loved one’s passing….Robin Watson-Bird, Ph.D. is a seasoned California Real Estate Broker and REALTOR based in Livermore CA who serves most of the Greater Bay Area and parts of the Central Valley. Robin can be reached by phone/text at 925-577-8692 and via email at Robin@NoPressureRealty.com
