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can the creditors go after my revers morgage ///???

by astojda530 from , Connecticut. Jun 15th 2018 Reply

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Jun 15th 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, but in general.. when you do a reverse mortgage (or any mortgage), and if you fall behind on other obligations, then if those obligations end up taking you to court and getting a judgement.. then it's possible that when you go to sell your home, the proceeds will be distributed based on lien position.. so, the reverse mortgage get's paid first,,, if there are still remaining proceeds, then judgement(s) are paid in the order they were filed, (first filed, first to be paid), then if there are any proceeds left after all liens have been satisfied, the remainder will go to you or your hires.. Now this is in regards to selling your home.. if you don't sell, and you get a judgement from a creditor.. then that creditor will have to garnish your pay check or depository accounts if they want to get paid. They cannot get your reverse mortgage payments directly.. but if those funds are deposited into an account monthly that the creditor has garnished, then indirectly they can take those funds.. Again, your questions is not very clear.. so i'm having to guess... I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 18th 2018
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