Dooms Day Scenario - HUD regulations compell lenders to "call" the loan if, after you have the reverse mortgage, you fall into bankruptcy. So your property is no longer protected under your state's bankruptcy laws. So be careful if y ou have financial problems because neither nor the counsellors warn you about that BEFORE you take the reverse mtg.
Dooms Day Scenario - HUD regulations compell lenders to "call" the loan if, after you have the reverse mortgage, you fall into bankruptcy. So your property is no longer protected under your state's bankruptcy laws. So be careful if y ou have financial problems because neither nor the counsellors warn you about that BEFORE you take the reverse mtg.
Millardray 3 years ago