{"id":59712,"date":"2025-04-18T03:05:16","date_gmt":"2025-04-18T01:05:16","guid":{"rendered":"https:\/\/housesmarketplace.com\/lawyers-at-major-firm-sound-off-on-reverse-mortgage-issues\/"},"modified":"2025-04-18T03:05:16","modified_gmt":"2025-04-18T01:05:16","slug":"lawyers-at-major-firm-sound-off-on-reverse-mortgage-issues","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/lawyers-at-major-firm-sound-off-on-reverse-mortgage-issues\/","title":{"rendered":"\u042e\u0440\u0438\u0441\u0442\u044b \u043a\u0440\u0443\u043f\u043d\u043e\u0439 \u0444\u0438\u0440\u043c\u044b \u0432\u044b\u0441\u043a\u0430\u0437\u044b\u0432\u0430\u044e\u0442 \u0441\u0432\u043e\u0435 \u043c\u043d\u0435\u043d\u0438\u0435 \u043f\u043e \u0432\u043e\u043f\u0440\u043e\u0441\u0430\u043c \u043e\u0431\u0440\u0430\u0442\u043d\u043e\u0439 \u0438\u043f\u043e\u0442\u0435\u043a\u0438"},"content":{"rendered":"
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An international law firm with more than 1,600 attorneys active across 32 U.S. cities and in London recently released a podcast episode entirely about the legal complexity \u2014 and overlooked details in litigation \u2014 of reverse mortgages.<\/p>\n

Troutman Pepper Locke LLP<\/strong> is estimated to be one of the 50 largest law firms in the U.S., and releases several podcasts, including one called \u201cThe Consumer Finance Podcast.\u201d<\/p>\n

In the episode released Thursday<\/a>, a group of the firm\u2019s attorneys aim to break down what they call the \u201carcane\u201d world of reverse mortgages, including some details that some litigators in the space tend to overlook about the product category.<\/p>\n

Overlooking government status<\/h2>\n

Litigation in the reverse mortgage space is not a new idea, but plaintiffs\u2019 attorneys tend to miss some key facts about the product according to partner Jason Manning. While understanding that the Federal Housing Administration<\/strong><\/a> (FHA) Home Equity Conversion Mortgage (HECM<\/a>) program serves a vulnerable population, these attorneys tend to overlook the nature of the program itself.<\/p>\n

\u201cThis is a government program,\u201d he said. \u201cThis is a government product. It is regulated by [the U.S. Department of Housing and Urban Development<\/strong><\/a> (HUD)]. The government is insuring it. And so, there\u2019s a whole series of guidelines that servicers need to follow for compliance, but by following for compliance, you\u2019re able to demonstrate that exactly that concern has been addressed.\u201d<\/p>\n

The requirement for borrowers to undergo a session with a HUD-certified counselor is one element of this, as are the \u201cadditional services and notices that are required\u201d as part of the HECM program.<\/p>\n

\u201cIf you comply, you\u2019re able to demonstrate very credibly to plaintiff\u2019s attorneys that this was done exactly as the government required, and this is a program that the government believes is beneficial to that population,\u201d Manning said.<\/p>\n

Non-borrowing spouses<\/h2>\n

Associate attorney Punit Marwaha also highlighted different kinds of reverse mortgage cases that have come up, including class and individual litigation. He mentioned non-borrowing spouse cases, and the measures that HUD and FHA have taken to address any concerns for non-borrowing occupants. The Mortgagee Optional Election (MOE) assignment, introduced in 2015<\/a>, is a chief example.<\/p>\n

\u201cIn a lot of the situations that we\u2019ve seen, it\u2019s been foreclosure filed due to the death of the borrowing spouse,\u201d Marwaha said. \u201cNon-borrowing spouse comes in and says, \u2018This is inequitable. Why am I being kicked out of my house I lived in for 30 years?\u2019 In those situations, we have often utilized this MOE assignment program to resolve the litigation, which allows the non-borrowing spouse to stay in the house, resolves the foreclosure, and at least on the servicer end, makes it HUD\u2019s problem.\u201d<\/p>\n

Manning added that FHA does not want HECM foreclosures<\/a> to occur if they\u2019re going to trigger a payout.<\/p>\n

\u201cSo, the government has done a really good job of providing at-risk programs, which are available and often utilized for resolving individual litigation,\u201d he said.<\/p>\n

Home repair scams, fraud<\/h2>\n

There have also been instances that Marwaha has seen involving fraud, in which a third-party scouted an area for older homeowners and told them about \u201chome repairs under a free government program, or a free city program, and have the elderly homeowner fill out paperwork for a reverse mortgage.\u201d<\/p>\n

They then abscond with the loan\u2019s proceeds, and a family member later only learns about a reverse mortgage after the homeowner\u2019s death when they receive a foreclosure notice.<\/p>\n

\u201cThose cases that we\u2019ve dealt with have typically involved a third party, not a family member to the borrower, coming in and making these promises of home repairs and pocketing the proceeds from the reverse mortgage,\u201d Marwaha said.<\/p>\n

\u201cThere, we have \u2014 generally using agency arguments \u2014 [have said] that there was no agency between the original lender of the mortgage and the third party who dealt with the borrower. We typically had a lot of success in the courts with this argument, because it\u2019s trying to tie in the mortgage broker or a third party to the original lender.\u201d<\/p>\n

But this can be a tall order for the family members or heirs, he added, because fraud comes with a \u201cheightened pleading standard\u201d and documents are often executed with the same handwriting as the homeowner, making it difficult to argue they didn\u2019t understand what they were signing.<\/p>\n

In instances of identified elder financial abuse<\/a>, \u201cthere are general civil and criminal penalties that go along with that, which do vary from state to state,\u201d he said. \u201cBut generally, those are going to be more the issue of the third party who is helping originate the loan, rather than the mortgage servicer itself.\u201d<\/p>\n

Manning added that in such instances, the loan originator as well as the servicer are also harmed by the fraud. But in other instances, fraud allegations are \u201cmeritless,\u201d he said.<\/p>\n

\u201cYou really have a lot of HUD guidelines and HUD documentation that can support that on behalf of the servicer or the originator,\u201d Manning said. \u201cFor example, part of the origination process requires a HUD-certified counselor, and also a HUD-certified designation of net benefit to the borrower. Both of those are very useful for defending allegations of alleged fraud.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

An international law firm with more than 1,600 attorneys active across 32 U.S. cities and in London recently released a podcast episode entirely about the legal complexity \u2014 and overlooked details in litigation \u2014 of reverse mortgages. Troutman Pepper Locke LLP is estimated to be one of the 50 largest law firms in the U.S., […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-59712","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nLawyers at major firm sound off on reverse mortgage issues - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/lawyers-at-major-firm-sound-off-on-reverse-mortgage-issues\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lawyers at major firm sound off on reverse mortgage issues - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"An international law firm with more than 1,600 attorneys active across 32 U.S. cities and in London recently released a podcast episode entirely about the legal complexity \u2014 and overlooked details in litigation \u2014 of reverse mortgages. 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