For homeowners who took out a reverse mortgage prior to August 4, 2014, if the spouse was not included as a borrower on the reverse mortgage, the mortgage documents state that the loan will become “due and payable” after the borrower dies or moves out of the home for health reasons. When a reverse mortgage becomes due and payable, that means the full balance must be paid back or the lender will foreclose. If a non-borrowing spouse is still living in the home, certain steps must be taken quickly after the borrower’s death (or before).
Click here for more info.
For help remaining in your home and for more information about our work saving homes click here.