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The U.S. Court of Appeals for the Eleventh Circuit held that 12 U.S.C. § 1715z-20(j) did not alter or limit the lender’s right to foreclose under the terms of the valid reverse mortgage contract where the non-borrower spouse was still living in the home.
Accordingly, the Eleventh Circuit affirmed the trial court’s dismissal of the plaintiff’s petition for injunctive relief to prevent the foreclosure sale.
A copy of the opinion in The Estate of Caldwell Jones, Jr. v. Live Well Financial, Inc. is available at: Link to Opinion.
A borrower obtained a reverse mortgage that was subsequently assigned to the defendant lender. The mortgage was secured by the house the borrower shared with his wife and their minor daughter, and was insured by the Department of Housing and Urban Development (HUD).
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