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.

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Common misspellings: mortage and morgage