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The displaced spouse rule is far more problematic and complex than simply keeping seniors with under aged spouses from obtaining HECMs. There is still the problem of married couples who were not married when the HECM was taken out. This is clearly far more problematic and is probably a far bigger problem.
Then there is the issue of domestic partners. How do they fare under this provision? If 12 USC 1715z-20(j) proves to be upheld as the attorneys for the plaintiffs interpret it, there are many questions to answer. We are just looking at a part of the issue.
Domestic partners? Leave it to a California CPA to dream up another but very relevant issue regarding displaced spouses.
However, I agree. The discussion on this issue falls far too short. This is a far greater issue than spouses at origination.
Congress needs to amend the displaced spouse provision by clarifying they are referring to a co-borrowing spouse.