Reverse mortgages are becoming an increasingly popular way for aging homeowners to refinance and generate income. Unfortunately, reverse mortgages have many negative pitfalls for the surviving spouse and/or heirs of the borrower, as reverse mortgages are commonly taken out in one person’s name as opposed to jointly. Many reverse mortgage lenders aggressively pursue loan repayment, and even threaten or commence foreclosure actions on the home.
The compassionate attorneys at Hobson-Williams, P.C. understand that the passing of a loved one is emotionally trying, event without the added stress of a complicated reverse mortgage proceeding. They recognize that, more than anything, you simply want to remain living in your home and ensure your finances are in order. The firm is experienced in reverse mortgage foreclosure matters, and have successfully defended clients from lenders so that they can continue living in their homes.
For many surviving spouses and heirs, re-financing to pay off a reverse mortgage is either challenging or impossible. When you fail to repay the loan, lenders often use their seemingly endless resources to pursue actions against you. The legal professionals at Hobson-Williams, P.C. can review the initial terms of the reverse mortgage, and evaluate if the lender violated laws or regulations, or failed to fully advise you of your financial options.
Whether you are a surviving spouse seeking to continue living in your home, or an heir concerned about the burden of selling or refinancing a loved one’s home, Hobson-Williams, P.C. can represent your interests against reverse mortgage lending institutions. If a lender has threatened or commenced foreclosure actions, contact the firm at (718) 210-4744 for a consultation, and learn how the experienced elder law attorneys at Hobson-Williams P.C. can help you keep your home and protect your finances.