Hurricane

Servicing: The Unnatural Stress of a Natural Disaster 

When borrowers obtain a reverse mortgage to access home equity, lenders take a substantial interest in their homes. Many times, unbeknownst to homeowners, zoning requirements and standards of safety and operation change in the years a home is occupied. Small repairs that may have been put off for years now become requirements for closing. For the majority of borrowers, bringing their homes into HUD compliance with these repairs comes as a relief, but for some, this closing requirement feels intrusive and unwarranted. Repair administration is a critical aspect of the reverse mortgage process. When a borrower applies for a reverse