Help for Georgia seniors facing foreclosure on reverse mortgages (video)
Many Georgia Seniors with reverse mortgages may be facing foreclosure right now.
If you own a home with a reverse mortgage that is in danger of foreclosure, there is free assistance to help you avoid losing your home.
If you are facing foreclosure because you have fallen behind on property taxes or homeowner’s insurance, contact your lender immediately to talk about your repayment options. There are special plans for borrowers over 80.
Be sure to ask your lender for a COVID-19 extension, which can delay the foreclosure process. Financial help will be available soon through the Georgia Department of Community Affairs’ Homeowner Assistance Fund. A Covid-19 extension can give you the time you need to apply for these funds to cover your past due taxes or insurance.
If you are facing foreclosure because you inherited a house and you now must pay the loan due because all of the borrowers on the reverse mortgage have died, you can either: Let the lender foreclose or, Pay the loan. You might do this by selling the home or refinancing the loan. If you need more time to sell or refinance, call the mortgage company and ask for an extension.
If the borrower has died, but their spouse is still living in the home, the spouse has the right to stay in the home until their death. However, you must contact the mortgage company in order to stay.
If you are facing foreclosure for any reason, it is important to act immediately. Georgia’s foreclosure process is very fast. Foreclosures happen the first Tuesday of each month, and once the home is sold, you can be evicted within weeks.
To get free help, contact a HUD housing counselor at hud.gov/findacounselor, call the Georgia Senior Legal Hotline at (888) 257-9519 or apply for help at AtlantaLegalAid.org/apply