The Department of Housing and Urban Development (HUD) has publicly announced its intention to sell multiple pools of approximately 1,500 reverse mortgage loans that are secured by properties with loan values in the hundreds of millions of dollars. This is according to a notice posted in the Federal Register last week.
“This notice announces HUD’s intention to competitively offer multiple residential reverse mortgage pools consisting of approximately 1,500 reverse mortgage notes secured by properties with a loan balance of approximately $330 million,” the notice reads. “The sale will consist of due and payable Secretary-held reverse mortgage loans.”
The mortgage loans up for sale consist of first liens that are secured by single family, vacant residential properties in which all of the borrowers are no longer
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