Reverse Mortgage Foreclosure
Reverse mortgages don't have monthly payments, but they can still be foreclosed. The most common triggers are unpaid property taxes or insurance, the home no longer being the primary residence, or the last borrower passing away.
For borrowers
If you've fallen behind on taxes or insurance, contact your servicer right away. Repayment arrangements may be available, and HUD-approved counselors specialize in reverse mortgages.
For heirs
When the last borrower passes, the loan becomes due. Heirs typically have a limited time to sell, pay off, or turn over the home. On federally insured loans (HECMs), heirs can usually pay off the loan for the lesser of the balance or 95% of the home's appraised value.
Respond to the servicer's letters quickly and ask about extensions while you sell.
Keep exploring
Behind on Mortgage Payments
Missed one or more payments? This is the stage with the most options.
Learn moreReceived a Notice of Default or Demand Letter
A breach or demand letter means the lender is preparing for the next step.
Learn moreServed With Foreclosure Papers
A summons and complaint start the court case. Deadlines now matter.
Learn moreYou don't have to figure this out alone
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