WILL A REVERSE MORTGAGE STOP MY FORECLOSURE?
The short answer is: only sometimes, and with no guarantee for the future. For homeowners age 62+ facing foreclosure, a reverse mortgage may seem like an attractive option. Like a traditional mortgage, a reverse mortgage allows homeowners to borrow money using their home as security for the loan. Unlike a traditional mortgage, however, homeowners don't make monthly mortgage payments under a reverse mortgage. The reverse mortgage is essentially repaid as soon as the homeowner no longer lives in the home -- which for many older homeowners is really all they want. However, the reverse mortgage is not the right solution for a lot of other homeowners.
First, in order to even qualify:
· you need to be at least 62 years old;
· have enough equity in your home to pay off the existing mortgage
If you do qualify, it can stop the impending foreclosure. However, mortgage lenders can still foreclosure on your reverse mortgage in the future. For example, if you do not pay your property taxes, insurance, or HOA fees on time, or if you move into an assisted living facility, the reverse mortgage loan is due immediately and the home can go into foreclosure.
What should you do if you have a reverse mortgage and find yourself in foreclosure?
At The Law Center, we represent many homeowners who are both surprised and dismayed to find themselves in foreclosure with a reverse mortgage. If you are at risk of going into foreclosure, or exploring the possibility of a reverse mortgage to avoid foreclosure, it's important to have a competent and aggressive attorney in your corner. At The Law Center, we are a team of specialists that are passionate about foreclosure defense and helping homeowners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your home, let The Law Center help you defend it.
Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815