The reverse mortgage foreclosure process. Once a lender becomes aware that a borrower has defaulted on such payments, the loan servicer sends a “Due and Payable” letter with the current loan balance, options for paying back the reverse mortgage, a timeline for a response, and opportunities to avoid foreclosure.
A reverse mortgage is a type of loan that’s reserved for seniors age 62 and older, and does not require monthly mortgage payments. Instead, the loan is repaid after the borrower moves out or dies.
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Reverse-mortgage lenders normally allow inheritors of reverse-mortgaged homes three to 12 months to pay off those mortgages. Given that a reverse mortgage becomes due and payable on death, the possibility of reverse-mortgage foreclosure exists.
A recent AARP Bulletin features Robert Bennett, now 71, who is at risk of foreclosure following the unexpected death of his wife, Ophelia, a month after she took out a reverse mortgage in 2008.
If you don’t want the home after the death of your parents, you have a couple options. Within 30 days of notification, the lender will send an FHA appraiser to determine the home’s current market value. You have 60 days to sell the home or forfeit without penalty.
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The death of a family member may bring a plethora of emotions, as well as an inheritance, and, sometimes debt, in the form of a mortgage to repay. While the decedent’s estate is being settled many questions arise as to who is responsible for paying the mortgage, both before and after settlement of the estate.
· Managing all of the responsibilities of an estate after death can be incredibly stressful. If your family member had a reverse mortgage, it is particularly important for heirs to quickly figure out what to do about the reverse mortgage after death.
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The options for the reverse mortgage after death include: Pay the loan balance in full; Walk away from the home (which would result in a foreclosure action by the servicer); Complete a deed in lieu of foreclosure (where the estate signs documents titling the property back to the investor).
Reverse Mortgage Solutions, Inc. had found that the surviving spouses of reverse mortgage borrowers also qualified as borrowers and thus would have the right to remain in the home after the death.