Traditional and Reverse Mortgage Foreclosure

There are four main reasons a reverse mortgage can go into foreclosure:

• The owner is deceased

• Property taxes are delinquent

• The property is not being maintained

• The owner no longer lives at the property

In any of these situations, the property may be sold, the family can purchase it from the estate, or we can help you explore options with the lender to find a remedy.

Your Options

• If property taxes are delinquent, contact your county assessor’s office and look into the options they offer. Apply for senior exemption or repayment plan.

• Reverse mortgages are for owner-occupants only. If the owner no longer lives at the property, the property has to be sold or refinanced or purchased by a family member.

• If the property is not being maintained, contact the mortgage company for clarification on what their requirements are and make the necessary repairs

How We Can Help

Call or Fill out our contact form on the Contact Us page with the following information:

• Property address

• Details about your situation

• Auction date (if applicable)

• Your goals regarding the property

• The best time to reach you

We will review all your options, explain any fees involved if you decide to sell or buy the property from the estate, and provide a free market analysis. Commissions and closing costs are paid at closing. If the family wishes to buy the property, we offer this service at a reduced commission and handle everything from contracts through closing.

Real estate attorneys can draft the documents if you chose to sell the property without a broker. They only draft contracts and do not coordinate the full transaction or negotiate with buyers on your behalf. Research the costs and services of all options before making a decision

If probate is necessary, we work with probate attorneys who are paid at closing.

If you prefer a quick sale, we also work with investors nationwide who will make offers to buy the property as-is.