HUD Announces Reverse Mortgage Loan Sales

The Department of Housing and Urban Development published a notice in the Federal Register announcing its intention to competitively offer multiple pools consisting of approximately 1,150 reverse mortgage notes secured by properties with a loan balance of approximately $230 million.

The sale will consist of due and payable Secretary-held reverse mortgage loans secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a nonborrowing spouse. This is the third sale offering of its type and the sale will be held on December 12, 2018.