Entries by supanic

What is a reverse mortgage?

A Reverse Mortgage is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.

Can a home with a reverse mortgage be foreclosed on? 

If the borrower doesn’t meet the contractual requirements of the mortgage, i.e. staying current on property taxes, having homeowners’ insurance on the property, and maintaining the home in a reasonable condition. If the borrower doesn’t pay taxes and insurance on the property, the lender may advance the funds to the lender for those bills initially. […]