Posted on: 06th Feb, 2013 01:28 am
My father has a reverse mortgage on our property. He may have to go for medical assistance and thus won’t be in the property for some time. Will the lender come and foreclose the property?
Hi Binny,
In case of reverse mortgage, if the homeowner is not in the property for 12 months, then the lender can start up with the foreclosure process. As your father won't be in the property for medical reasons, you should inform the same to the reverse mortgage lender and take his opinion.
Take care
In case of reverse mortgage, if the homeowner is not in the property for 12 months, then the lender can start up with the foreclosure process. As your father won't be in the property for medical reasons, you should inform the same to the reverse mortgage lender and take his opinion.
Take care
Tentatively, how long your father has to stay outside the home for medical purposes? If he stays outside the home for more than a year, then the lender has the rights to foreclose the property.
Yes i agree with the sara and scot answers.The lender has right to foreclose the property,if you are not staying in your house for more than a year.