There is no data on how many heirs are facing foreclosure because of reverse mortgages. But interviews with elder care advocates, the housing counselors and heirs, suggest that it is a growing problem …

Nov 14, 2018  · If you are an heir of a parent with a reverse mortgage going through foreclosure, you are never, in any way whatsoever, obligated on the loan. Read more about the protections made possible by non-recourse reverse mortgages.

Seniors Lending Network Access National Bank ("Access”) has added Thomas "Tom” Davis as Senior Vice President in its expanding commercial lending department

The borrower can face foreclosure and lose the property if he does not stay in the house for more than a year, defaults on tax payments, becomes bankrupt, abandons the place or rents out the house for …

The amount that’s due to the lender is the lesser of the reverse mortgage loan balance or 95% of the appraised market value of the home. Say the appraiser determines the home is worth $200,000 and the loan balance is $100,000. To keep the house, the heirs need to pay the loan balance of $100,000.

Maria Seferian Hillspire Maria Seferian is an attorney at Hillspire LLC and helps clients address Business / corporate legal issues. Super Lawyers is

What Heirs Should Know About Reverse Mortgages When The Owner Dies VV1007 Mar 26, 2014  · Pitfalls of Reverse Mortgages May Pass to Borrower’s Heirs. Instead, reverse mortgage companies are increasingly threatening to foreclose unless heirs pay the mortgages in full, according to interviews with more than four dozen housing counselors, state regulators and 25 families whose elderly parents took out reverse mortgages.

Two senators have written a letter to the Department of Housing and Urban Development requesting enforcement of rules that prevent foreclosure for heirs of reverse mortgage borrowers. senators Barbara …

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