If you’ve ever found yourself in a time when you need more money, you’re not alone. We’ve all been there; especially those of us who are older in age and aren’t making as much money as we once did. While there are many ways to borrow money, one common option – for homeowners 62 years or older – is a reverse mortgage.
A reverse mortgage allows the homeowner to borrow against the equity of their home and requires no monthly mortgage payments. It is important to know that when doing a reverse mortgage, you are still responsible for property taxes and homeowner’s insurance. This is where problems often occur. A reverse mortgage is a great option for homeowners that need some extra money, but many of the homeowners forget that they are responsible for taxes and insurance.
On a reverse mortgage, if you don’t pay your taxes and insurance, you can fall into foreclosure. And it happens over and over. If you got a reverse mortgage and you haven’t been paying your taxes and insurance, you can fall into foreclosure and lose your home just like in a conventional foreclosure.
Because Miami and Palm Beach has one of the oldest populations in the country, we handle many reverse mortgage foreclosures at our office. If you have fallen into foreclosure because of a reverse mortgage, there are options available. You don’t have to lose your home. If you are in Miami and need a foreclosure attorney, contact me today for a free consultation.