Act quickly. If you delay or ignore the notice, you could lose your home to foreclosure. None There are several ways you may have fallen into default on your reverse mortgage loan. You were late or missed paying your property ...
Search our library of answers
Showing results for “HECM”
If you can’t pay your property taxes or homeowners insurance, look for help right away. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage loan, require that you keep current on your property taxes and homeowners ...
What happens if my reverse mortgage loan balance grows larger than the value of my home?
If your loan balance is more than the value of your home, you or your heirs may not have to pay the difference. None If you owe more than your home is worth, but sell your home for the appraised ...
Reverse mortgage loans typically must be repaid either when you move out of the home or when you die. However, you may not need to immediately pay it back if you are away from your home for more than 12 ...
With a reverse mortgage loan, can my heirs keep or sell my home after I die?
It depends. If there are no co-borrowers or an eligible non-borrowing spouse, your heirs will need to pay the full loan balance to keep the home. To sell it, they would need to repay the full loan balance or at ...
When do I have to pay back a reverse mortgage loan?
Reverse mortgage loans typically must be repaid either when you move out of the home or when you die. However, the loan may need to be paid back sooner if the home is no longer your principal residence, you fail ...
Can anyone take out a reverse mortgage loan?
No. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage loan, are a special type of home loan available to homeowners who are 62 and older. Aside from age, other reverse mortgage requirements include: Your home must ...