Foreclosure Protection for Reverse Mortgages
The National Consumer Law Center (NCLC) has released some guidance regarding reverse mortgages and new foreclosure protections that will have a positive impact on borrowers.
As with other mortgages, foreclosures for reverse mortgages have been put on hold until after June 30, 2021. However, as that date approaches, it is important to understand what protections exist for reverse mortgage borrowers.
Here are some key takeaways regarding foreclosure protections for reverse mortgage borrowers: