1 year ago

Can a Reverse Mortgage Be Foreclosed | HECM Reverse Mortgage Info

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In this video I talk about the question / subject, "Can a Reverse Mortgage Be Foreclosed?".
Video Transcript:
0:00 - Hey there thanks for stopping by the channel.
0:03 – My name is Shawn and this is ReversedTV.
0:07 – Today I’ll be talking about a question that gets asked periodically.
0:12 – and that is, “can a reverse mortgage be foreclosed?”.
0:16 – The simple, quick answer is “yes”.
0:19 – And I’m just gonna explain a little bit futher.
0:21 – So with that said, let’s just dive in.
0:24 – So a reverse mortgage is just a loan like any other, alright.
0:28 – The main difference is there’s an age requirement.
0:30 – An Equity requirement,
0:32 – And you don’t have to make a payment for as long as you live for as long as you live in your house.
0:36 – So, with respect to that, it’s a very, very safe loan.
0:40 – You Don’t have to make a monthly mortgage payment
0:42 – so you don’t have to worry about the bank foreclosing
0:44 – because you can’t make the mortgage payment due to some unforeseen circumstances
0:50 – or anything like that.
0:52 - However, every loan has borrower responsibilities
0:55 – whether it be an FHA loan, VA loan, USDA or a reverse mortgage
1:00 – (which could be FHA or a proprietary reverse mortgage).
1:04 – So, some of the most prominent responsibilities are:
1:09 – you have to maintain taxes and insurance.
1:12 – So, if you don’t maintain insurance (with the home being the collateral)
1:19 – They wanna (referring to lender/servicer) make sure the collateral is safe and secure
1:23 – and that if something happens to it, um, it can be replaced.
1:28 – So, if you don’t maintain insurance, they will ask you do to so
1:32 – but then they’ll put forced place insurance on it (if you don’t get insurance on your own).
1:36 – Uh, if you don’t pay that then they might do some sort of foreclosure action.
1:40 – but the biggest one is property taxes.
1:44 – You still own the house, so you’re expected to maintain property taxes just like if you owned the house free and clear.
1:50 – Or, just like if you have a regular loan.
1:54 – and if you fail to do so, then of course you could see some sort of foreclosure action.
1:59 – but, realistically, it’s gonna be due to the taxes etc.
2:04 – The beautiful thing about a reverse mortgage is it’s (in terms of safety from foreclosure)
2:11 – probably one of the safest loans where you don’t have to worry about foreclosure.
2:16 – because you don’t have to make a big monthly mortgage payment.
2:19 – you don’t have to make a payment at all
2:21 – and really the main responsibilities are just maintaining taxes and insurance.
2:27 – If you have any questions about reverse mortgage,
2:29 – I’d love to hear from you. My contact info is
2:32 – down below in the description.
2:34 – Uh, don’t forget to like and subscribe.
2:37 – and again, ask any questions that you might have.
2:40 – Take care. Enjoy the rest of your day,
2:42 – Enjoy the evening, enjoy your weekend.

www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead.

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