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. If the borrower doesn’t repay the advanced amounts, the lender may call the loan due.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *