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What will happen?

What were to happen if I walked away from a reverse mortgage? by teverett499 from Fanshawe, Oklahoma. 18 days ago Reply


Ray Antonelli (Focused)
#1 ranked lender in Ohio - 65 contributions

If that is the only asset in the estate you can walk away and the bank will get around to foreclosing to get their money back. You still need a place to live so I can't understand why you would walk away. Since there are no payments required you can just notify the bank before walking away and they will start the process.

18 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,097 contributions

Sames as any other mortgage. eventually the lender will foreclosure on the property. That will wreck your credit, and they can and often due come after you for any loses.

18 days ago
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,904 contributions

It depends on who's Reverse mortgage it is. If this is a home you own and the RM is in your name, why would you let the property go? You are allowed to live in it and not make any payments on the RM until you are either forced to move out or pass away. If this is a property you inherited and it has a RM on it, circumstances are a little different, in that it is not your obligation, so it really doesn't impact you.I fear that there is important information missing from your question. I would like an opportunity to get more info to give you better advice before you do something that is irreversible and damaging. Please reach out to me. Give me a call at 480-889-9000 to discuss. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.

17 days ago
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