Question:

Is it possible to have a reverse mortgage foreclosure?

Answer:

No. With a reverse mortgage foreclosure is not likely to happen. One of the main grounds for getting into a reverse mortgage agreement is that you can't be forced out of your home while you or a co-borrower inhabit it. It is good to know that in some cases a reverse mortgage can be used to stop foreclosure.

For example, if you are senior 62 or over, your income is limited and mortgage eats over 50% of it, you have become delinquent on payments and are afraid of foreclosure, you may be eligible for a reverse mortgage. It depends on the remaining balance of your current mortgage whether a lender will agree to write off a reverse mortgage on your house. Well, at 62 you are supposed to have paid most of your home's mortgage, so chances are you will be approved for a reverse mortgage and foreclosure will be avoided.

Just before you get worried about your home, you'd better speak to a lender or a reverse mortgage counselor about taking a reverse mortgage. Not only you will be able to avoid foreclosure - you won't even have to worry about it and will start receiving monthly payments instead of paying a mortgage.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: