The Estate of Caldwell Jones, Jr. v. Live Well Financial, Inc.

NEWSOM, Circuit Judge:

This case arises out of the foreclosure of a home-equity conversion mortgage-commonly called a "reverse mortgage." We are asked to interpret a federal statute, 12 U.S.C. § 1715z-20, which authorizes the Secretary of the Department of Housing and Urban Development to establish a mortgage-insurance program designed to encourage lenders to offer reverse mortgages and thereby alleviate some of the financial pressures faced by elderly homeowners. Id . § 1715z-20(a). The particular provision at issue here states that the HUD Secretary "may not insure" a reverse mortgage unless…