Lawsuit Challenges Revised HECM Policies

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MORTGAGE EXPERT
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A lawsuit has been filed on behalf of the surviving spouses of three deceased borrowers on home-equity conversion mortgages. The lawsuit claims that the plaintiffs, none of whom were on title when their spouses died, were unfairly foreclosed on as a result of changes to HECM policies. The loan-to-value on one of the mortgages was 150 percent.

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