Hurricane

Servicing: The Unnatural Stress of Natural Disasters 

When borrowers obtain a reverse mortgage to access home equity, their lenders take a substantial interest in their homes. More often than not, and unbeknownst to many homeowners, zoning requirements and standards of safety and operation have changed in the years their home has been occupied. Small repairs that may have been put off for years now become requirements for closing. For the majority of borrowers, doing these repairs and bringing their homes into HUD compliance comes as a relief. For some, this closing requirement feels intrusive and unwarranted. Repair administration is a critical aspect of the reverse mortgage process.