This is a spouse or partner under the age of 62, who co-owns the home. This person is commonly called an 'NBS.' An NBS must be specified on the HECM documents. As such, he or she will be protected from a sale or the loan being called due if the primary borrower doesn't meet the residency rules and/or passes away .
Within 90 days from the borrower’s date of death the “NBS” must provide:
This is an individual who does not share ownership with the primary borrower. He or she are not protected and must sell the home after death of the primary borrower.
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