I inherited a house with a reverse mortgage. Is there anything I can do?
It is a commonly held myth that a home with a reverse mortgage reverts back to the bank when the owner passes. A reverse mortgage agreement is a financial agreement where the homeowner gives up equity in their home in exchange for regular payments. The reverse mortgage is available to homeowners who are 62 and over, typically retirees, and allows them to convert part of the equity in their home into cash to supplement their income.
If you inherit a house with a reverse mortgage, you own the house. The bank has to go through a foreclosure process to repossess the property. If the bank begins foreclosure, the rightful heirs have the right to sell before the foreclosure is complete.
Speak directly with the Homeowner Advocate assigned to your property. Your Homeowner Advocate can get you access to critical resources and assistance including monetary and other options specific to your property. The program is privately funded and provided at no cost to participating New York Homeowners.
- Click Here to speak with a Homeowner Advocate, (800) 924-5264
- Click on the Chat icon below to connect with a Homeowner Advocate
- Click Here to find out if your property has a foreclosure auction date, https://myforeclosuredate.com/
- Click Here to download our Free eBook, “Bringing Closure to Foreclosure” https://rebuildny.com/our-book/
This is for information purposes only. Subject to change without notice. It is not to be construed or relied upon as legal or accounting advice. Please click here for our complete disclaimer, https://rebuildny.com/disclaimer/