Here’s a sobering message for anyone who has a federally insured reverse mortgage or plans to apply for one: If you don’t pay your local property taxes or hazard-insurance premiums, the risk of losing your house to foreclosure is about to increase. Although the Federal Housing Administration, which runs the dominant reverse-mortgage program, often has been lenient and forgiving in the past about tax and insurance delinquencies by seniors, the agency is likely to take a more disciplined approach in new guidelines due this summer.
0 minute readFHA to make reverse mortgage less forgiving for seniors late on taxes
June 18, 2010, 3:48pm
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
