mortgagor

When he signed the legislation, President Franklin Roosevelt declared, “Cooperation between the officials of the Home Owners’ Loan Corporation, the mortgagor and the mortgagees during the next few months will make many foreclosures unnecessary and will do substantial justice to all parties concerned.”

The language that concerns the senators and advocates for older Americans is a proposed change in the National Housing Act that says, in regard to reverse mortgages, that a mortgagor “shall not include the successors and assigns of the original borrower under a mortgage.”

The language that concerns the senators and advocates for the elderly is a proposed change in the National Housing Act that says, in regard to reverse mortgages, that a mortgagor “shall not include the successors and assigns of the original borrower under a mortgage.”

Do we have to find the current/latest mortgagor?

This requires that the tenant not also be the mortgagor or the mortgagor’s child, spouse or parent; and the rent due under the lease is not substantially less than market rent, unless the rent is reduced by a subsidy.