reverse mortgage foreclosure heirs

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If, however, you or your heirs are actively working to either refinance your property or sell your property so as to satisfy your reverse mortgage, then foreclosure may be forestalled. The key to a proper and clean end to a loan is to work closely with your Servicer from the time the loan is called due and payable.

The reverse mortgage foreclosure process. Once a lender becomes aware that a borrower has defaulted on such payments, the loan servicer sends a "Due and Payable" letter with the current loan balance, options for paying back the reverse mortgage, a timeline for a response, and opportunities to avoid foreclosure.

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There is no data on how many heirs are facing foreclosure because of reverse mortgages. But interviews with elder care advocates, the housing counselors and heirs, suggest that it is a growing problem already affecting an estimated tens of thousands of people.

Reverse mortgages are complicated, come with extensive restrictions and requirements, and-under certain circumstances-can be foreclosed. (To learn the upsides and downsides to reverse mortgages, see Is a reverse mortgage or home equity loan better for me?) Read on to learn more about reverse mortgages and when the lender can foreclose.

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Reverse mortgages prohibit spouses, heirs and dependents from taking over the loan. the servicer probably will begin foreclosure proceedings. "There’s no easy way to say, ‘The loan is due,’ " said.

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They can save seniors who find themselves suddenly crushed for cash or facing foreclosure. money left after you sell your home and pay off your reverse mortgage and selling costs, you or your heirs.

The National Reverse Mortgage Lenders Association created, "What Do I Do When My Loan is Due?," a free brochure to walk reverse mortgage loan borrowers and their families through the end of the loan process when it is time for the loan to be repaid.This guide will help you prepare when a Maturity Event occurs and the loan has to be repaid.

foreclosure prevention. In addition, the borrower will never owe more than the home’s value. The home does not have to be sold to pay off the loan. The consumer (or the heirs) can pay off the reverse.

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