Hi, I have had a reverse mortgage for several years. Because of rising costs I have not been able to pay for home insurance for four or five months. I’m 81. The mortgage company is threatening to foreclose and evict me if I do not get insurance within a couple of weeks. All the taxes are paid. Can I be evicted?
[NOTE: Articles and answers on DearEsq., while written and published by lawyers, do not constitute legal advice, and no attorney-client relationship is formed by your reading of this information. You should always consult with an attorney for any legal situations.]
Yes, eventually. The terms of your reverse mortgage will specify what your legal obligations are (usually including paying property taxes) and what happens if you don’t do that. If you absolutely can’t afford the property taxes, you are probably better off talking to the reverse mortgage company to see what they can do. They may be able to help you out, or at a minimum soften the transition to a new living situation.
