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Old 02-16-2021, 08:20 AM
retiredguy123 retiredguy123 is offline
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Quote:
Originally Posted by mikeritz53 View Post
This has nothing to do with it being a Reverse Mortgage. A Foreclosure is just that a Foreclosure of a Mortgage. Sometimes it takes time for the Foreclosure process to play out. I was a Mortgage Banker up North and often saw the process take 2+ years. Stop Shaming Reverse Mortgages, it is a Loan and has the same processes when someone leaves the house as any other collateral loan that is not being paid as agreed.
I disagree. The legal foreclosure process may be similar to that for other mortgages. But, if you have ever inspected reverse mortgage foreclosure properties, you would know that they are very often in deplorable condition and not worth the investment to fix them up for resale. And, as another poster said, the bank has no skin in the game like with other mortgages. People who have a reverse mortgage usually don't have the assets or pride of ownership to properly mantain the house. These are facts that make reverse mortgage foreclosures much different than other foreclosures.