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HUD Withdraws Controversial Reverse-Mortgage Rule

May 4, 2011

The AARP Foundation got good news in their reverse-mortgage lawsuit. The Department of Housing and Urban Development withdrew a controversial 2008 rule, Chicago Tribune reports. The rule required “that an heir pay the full mortgage balance to remain in the home, even if it exceeded the value of the property,” explains the Tribune. If you know anyone affected, you might want to let him or her know.

[Jean Constantine-Davis, a senior attorney with the AARP Foundation,] asserts that the AARP Foundation will do its part to help HUD spread the word. “These foreclosures should be stopped,” she says. “HUD issued a letter to the servicers, and the onus is on them to communicate with the homeowners. We’re still working with HUD to ensure the word gets out. There’s no question that people who are being foreclosed on now, and about to be evicted, will be helped by this.”

Here’s the full story: “HUD Drops Harsh Rule on Reverse Mortgages.” Learn more about reverse mortgages–one way seniors can get funds to pay for long-term care–here.

Leigh Ann Otte is a freelance writer who covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.

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