QUESTION:

Forced to walk away from Reverse Mortgage

We are forced to move and walk
away completely from our insured
reverse mortgage. Is it legal
to withdraw our credit line to
pay off our bills, and will there be a foreclosure with a
a non recourse loan.

This is a very difficult decision as we have excellent credit.
asked by goldylocks1, 9/21/2009
Categories: Reverse Mortgage
ANSWERS:
Answered by: krayfield, 10/16/09
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Goldylocks1:

Please call me as soon as possible to discuss this tricky situation. I'd love to help.

And, in answer to part of your question, you can use the money in your credit line for ANY purpose. Don't forget, too, that it is tax-free!

Karen Rayfield
Reverse Mortgage Specialist
New American Mortgage
(757) 287-3331
karen.rayfield@newamerican.com

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