The undersigned write to request that HUD take certain steps to ensure the ongoing housing stability of borrowers who have taken out reverse mortgages under FHA’s Home Equity Conversion Mortgage (HECM) program, and their non-borrowing spouses, in light of the current COVID-19 public health emergency. Older Americans face the greatest risk from the current pandemic, and any housing instability will exacerbate the health risk for those borrowers as well as for the community at large.
HUD has made extremely important adjustments recently to help protect HECM borrowers, including issuing waivers of the limit on successive repayment plans for balances over $5,000 and the waiver of the 90-day requirement for non-borrowing spouses to establish title or a right to remain.
We commend the agency for issuing these waivers, and respectfully ask that HUD take the additional actions described below to protect vulnerable homeowners.