Pro Bono News
Avoiding Foreclosure on Your Reverse Mortgage: Florida Residents Can Get Help (FL)
Wednesday, June 12, 2019
- Naples Daily News
Avoiding Foreclosure on Your Reverse Mortgage: Florida Residents Can Get Help
"When senior homeowners with reverse mortgages get into financial trouble, they often wait too long to seek help, said Lynn Drysdale, an attorney with Jacksonville Area Legal Aid.
A reverse mortgage allows seniors to get cash for the equity in their homes but doesn’t require them to make payments on a loan. They do have to keep current with taxes and insurance, however, and if they don't, the lender can call their loans.
Drysdale offered these tips to reverse mortgage holders to help avoid foreclosure:
- Be careful about discarding a correspondence from the mortgage company. Make sure it’s not something you need to keep for your records.
- Respond in a timely manner to any communication from your lender. If you don’t understand something you receive, ask someone else to take a look at it..."