Purchasing Mortgage Holder

Purchasing Mortgage Holder

The Purchasing Mortgage Holder or Purchasing Mortgagee is the Mortgagee that purchases the Mortgage and thereby succeeds to all rights and obligations of the Selling Mortgage Holder under the contract for mortgage insurance. Qualifying Attributes (applicable to HECMs only) Period. An Eligible NBS must: • have been the spouse of a HECM Borrower at the time of closing and have remained the spouse of such HECM Borrower for the duration of the HECM Borrower's lifetime; • have been properly disclosed to the Mortgagee at origination and specifically named as an NBS in the HECM documents;