WHY WOULD A REVERSE FORECLOSURE OCCUR? USA Today’s recent expose overlooks the true reasons behind reverse mortgage ‘foreclosures’. While reverse mortgages don’t require a monthly principal and interest mortgage payment during the life of the loan, there are other borrower obligations contained in the reverse mortgage loan agreement.
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A reverse mortgage is a federally insured loan that provides homeowners with monthly cash payments based on the amount of equity they’ve built up in the property. While this can be a great tool for retirees who want an additional stream of income, it can spell trouble for whoever inherits the property after the death of the original owner.
The inclusion of reverse mortgages in the definition of “home loan” also means that lenders seeking to foreclose on a reverse mortgage must.
Reverse mortgages: 15,000 older Florida homeowners at risk of foreclosure and homelessness. The loans enable seniors to age in place but have failed many who can’t pay insurance or taxes.
These days, the media has been harping on foreclosure, but very little of the attention is being directed towards reverse mortgages. While newspapers and TV .
I recently saw an article that said Detroit leads the nation in reverse mortgage foreclosures. Typically, a reverse mortgage foreclosure occurs when the homeowner fails to stay current on property.
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Until Aug. 2014, reverse mortgages only protected the borrower from foreclosure, even if there were a non-borrowing spouse. Lenders regularly remove a (younger) spouse from a deed when closing a HECM because: The younger spouse is not yet 62; Higher loan proceeds (and origination fees) if remove younger spouse.
“The reverse mortgage enables them to pay off credit card debt, medical bills and other daily expenses. However, as with all property ownership, the owner is responsible for paying taxes.” The.
Avoiding foreclosure on your reverse mortgage: Florida residents can get help "Don’t be embarrassed, because the loans can be very confusing," said an attorney with Jacksonville Area Legal Aid.
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Responsibilities. Not understanding your obligations under a reverse mortgage can lead to serious consequences, including foreclosure. That’s why borrowers are required to take HUD-approved counseling (which details the loan’s commitments and conditions) before being approved for the reverse mortgage.
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In 2014, Caldwell Jones acquired a reverse mortgage that was secured. Jones, petitioned for injunctive relief to prevent the foreclosure sale.
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