What legal protections are available to seniors who have been victims of reverse mortgage fraud? How can family members and caregivers help protect seniors from reverse mortgage scams?

Foreclosure proceeds if the loan can't be settled. If you or your heirs aren't able to settle the reverse mortgage, the loan servicer can foreclose on the home. Soon after he passed away, the lender came after Sally and gave her a choice: either repay the loan in full or face foreclosure and lose her family home. If there is no equity left in the home, or the heirs are not in a position to sell the property, they have the option to select a Deed in Lieu of Foreclosure. One out of every ten reverse mortgages is in default or foreclosure.[xx] With reverse mortgage defaults and foreclosures on the rise, many major banks, ... Jun 15, 2020 ... If you are an heir and don't do anything at all, you may be entitled to some or all of the surplus (if any) from the foreclosure sale. Some reverse mortgage borrowers are at risk of foreclosure due to alleged default on property taxes and insurance, and they have difficulty accessing loss ... In one common scam, the perpetrator will identify seniors who are at risk of losing their homes due to foreclosure. The perpetrator will scheme with a dishonest ... What is a reverse mortgage? ... If you have been served with a notice that your loan servicer has filed a foreclosure action, you should consult an attorney ... May 18, 2021 ... This article provides information on the risks of foreclosure even for reverse mortgages, sets out new protections from that foreclosure, and also summarizes ... ... foreclosure · Learn about loss mitigation · Avoid mortgage scams · Foreclosure FAQs · Resources ... The most common reverse mortgage loan is the Home Equity ...