A reverse mortgage or home equity conversion mortgage is structured in the opposite manner of a typical forward mortgage. Instead of getting a loan to pay for a home, you receive funds (in a lump sum, or over time) in exchange for the current and/or future equity of your home.

There are four basic areas of default with reverse mortgages:

• Borrower does not keep property taxes current
• Borrower does not keep property insurance current
• Borrower does not maintain the property (good repair)
• Borrower does not live in the property at least six months during the year

If you find yourself in default we may be able to assist with a resolution:

• Consult a HUD Certified Housing Counselor: AHEAD, Inc. at (800) 974-1377 ext. 1031 or visit www.HomesAHEAD.org
• Consider application to the Homeowner Assistance Fund Program (put link to that page here)