Retirement Answers / Reverse Mortgages / Forced to walk away from Reverse Mortgage
  • Question

  • Forced to walk away from Reverse Mortgage

    Asked on 9/21/2009

    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.

    •  
  • Categories: Reverse Mortgages

Answers

  • Raymond Denton

    Raymond Denton
    Reverse Mortgage Specialist

    Santa Ana, CA
    Not yet rated:  

  • You can convert the unused portion of your credit line to cash at any time. If you owe more on the Reverse Mortgage then the value of your property, and need to move someplace else, contact the Lender and tell them you'd like to give them the Title, in lieu of foreclosure.

  • Login to rate this answer:   Answered on 7/29/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.