What to Know About Foreclosures on Reverse Mortgages | Law Office Of Ronald D. Weiss, P.C
What to Know About Foreclosures on Reverse Mortgages If you or an elderly parent have (or are thinking about getting) a reverse mortgage, there are things you need to know about how these types of mortgages work. And yes, you may still have to deal with the threat of foreclosure. What is a Reverse Mortgage? With inflation skyrocketing, many seniors on fixed incomes are struggling with the rising cost of living. If you are a homeowner of 60 or over, you may be eligible for a reverse mortgage. Unlike a traditional mortgage, where you are given a lump sum and pay it back month by month, a reverse mortgage uses your home equity to pay you every month. The reverse mortgage comes due when you die or sell the home (learn more about what types of reverse mortgages are available in New York ). But like any other financial agreements with lenders, there are terms and conditions you need to pay careful attention to. While a reverse mortgage sounds lik...