Andres D. asked
I have a reverse mortgage, but the company bought an insurance policy, paid the taxes, and sent me a notice to pay $600 a month to compensate them or they'll take ownership of my home. My gross income is $754.00 a month, and I wasn't paying that much before they gave the mortgage. My home is assessed at $134,000, but it appraised at $100,000 when the mortgage was approved 3 years ago, and last year it appraised at $81,000. I'm on Social Security and 77 years old, in less than good health. What should I do?
May 25th, 2023
Jennifer H. answered
In a reverse mortgage, the homeowner is typically supposed to receive payments, not make them. The d...
May 25th, 2023
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