We prominently underscore a key point for our valued New Jersey readers concerning financial solvency and security on our website at the established Somerville Law Office of Rajeh A. Saadeh.
That is this: “When issues arise that affect you and your family’s home and future, you are entitled to have the assistance of experienced professionals.”
Increasingly, and as stressed in our blog headline for today’s post, so-called reverse mortgages are emerging as catalysts that yield stark challenges for many homeowners in the Garden State and nationally. Seasoned legal counsel in law offices – such as our firm – that provide knowledgeable and comprehensive assistance concerning realty-linked matters often help clients these days with issues tied to such financial products.
As noted recently in an article published by one national news outlet, the hyped benefits of reverse mortgages are turning out illusory for legions of borrowing homeowners.
And especially for their heirs who deal with lenders when a borrowing parent either leaves a mortgaged home after some years or passes away. Reverse mortgages contractually mandate that heirs have an option to either sell a property subject to a reverse mortgage loan or pay off the loan and retain a family home.
What is reportedly happening in an alarming number of cases is, instead, a mortgaged property ending up in foreclosure.
Such an outcome proves more than frustrating for heirs who want to pay off a mortgage and keep a valued property. It is entirely unexpected and shocking.
How can it even happen?
The above-cited media source points to myriad factors, many of them tied to the base reality that reverse mortgages are inherently complex products steeped in fine print. Researchers note that many issues “can be traced back to faulty loan servicing with an often-revolving cast of loan companies.”
A foreclosure concern attributable to any source of course poses a material issue for any borrowing homeowner and his or her loved ones. Questions concerning such a matter can be addressed to an experienced, empathetic and results-driven real estate attorney.