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Ana, Other/Just Looking in 76132

If I had a reverse mortgage and defaulted on credit card debt....

Asked by Ana, 76132 Fri Aug 8, 2008

Can the FHA call the reverse loan if I default on credit card debt or have medical collections?

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Answers

5
The loan is safe and is Government-Insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD). This loan was signed into law as a Government-Insured product by Ronald Reagan in 1988 and since its inception, it has helped hundreds of thousands of senior homeowners safely access the equity in their homes to help them better enjoy their retirement year.You can get any more answer by reverse mortgage lenders direct.

http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-faq/
http://www.reversemortgagelendersdirect.com/hecm-saver-how-d…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/quote/
http://www.reversemortgagelendersdirect.com/advantages-and-d…
8 votes Thank Flag Link Tue May 14, 2013
No, those debts are "unsecured" debts. So they will not result in the loss of your home or disruption to the mortgage. But double check with an attorney if you have any doubt. Try a free initial consultation with a lawyer, or a quick phone consultation.
0 votes Thank Flag Link Thu Oct 14, 2010
No. Your loan cannot be recalled for credit card debt or medical collections of any sort.
Your consumer debt does not weigh any influence on your reverse mortgage. This is one main reason why the FHA HECM loan is such a safe tool for the senior "aging in place".
Take care, and I hope things go well for you in retirement.
0 votes Thank Flag Link Wed Oct 8, 2008
You may want to consider doing a debt settlement program.
0 votes Thank Flag Link Sat Aug 16, 2008
Ana,

This is a question best refered to an attorney.

Good luck
0 votes Thank Flag Link Sat Aug 9, 2008
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