How You Can Find Yourself Facing A Reverse Mortgage Foreclosure
Many seniors in New York are facing reverse mortgage foreclosure. If they lose their homes they may find themselves living in a cardboard box.
Unpaid Property Taxes Are The Main Reason For Reverse Mortgage Foreclosures
The failure to pay their property taxes is why many seniors are now facing reverse mortgage foreclosure. Many reverse mortgage foreclosures are a result of lenders paying the wrong amount in taxes. Lenders also fail to properly apply the tax payment to the client’s transaction history.
There are many consumer protection statutes which protect homeowners mortgage foreclosures. Yet these protections do not apply to people facing reverse mortgage foreclosure.
Seniors are not given mandatory foreclosure settlement conferences in a reverse mortgage foreclosure. There are also no 90-day notice requirements prior to the initiation of the foreclosure.
Lump Sum Reverse Mortgage Payments
Many seniors take lump sum payments immediately upon getting their reverse mortgage. Then they spend all of the money. However, reverse mortgages offer another option for seniors.
Reverse Mortgages also allow seniors to receive steady payments over a period of time. This option enables seniors to pay for the homeowners’ insurance and property taxes.
This is a reasonable option for a senior to take. Reverse mortgages work properly when the seniors receive periodic payments that allows them to live with dignity and to pay the taxes and homeowners insurance on their homes.