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Can someone help me understand what defaulting on a reverse mortgage is?

by mcrawfor132 from Delta, Iowa. Sep 8th 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

Once a Reverse Mortgage has been approved and funded, there are a few basic requirements that the borrower must meet. Failing to meet these requirements usually results in a default of the mortgage loan agreement. Here are the most common items that must be done by the borrower. Pay property taxes on time; Pay Hazard Insurance on time; Use the home as your primary residence; Maintain the home in reasonably good condition, and there are others. A person defaults when they fail to Pay the taxes, Pay the insurance premiums, Let the home get run down, or fail to live in the home as required. There are other reasons, but these are the most common. If the home has equity, you want to cure the default as quickly as possible, so you don't lose the equity. Hope this helps. If not, provide a more detailed questions as how you found about about the default and what the reason provided for the default. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Sep 9th 2020
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