The Consumer Financial Protection Bureau has created a special resource guide that helps explain your obligations as a reverse mortgage borrower while recovering from a natural disaster. Download it here.
After a natural disaster, you may experience damage to your home, unexpected expenses, and a sudden loss of income.
The guide covers three important obligations:
Obligation 1: Keeping your home in good repair;
Obligation 2: Occupying your home as your principal residence; and
Obligation 3: Paying your property charges on time
It also provides helpful advice on how to deal with your insurance company and resources that are available if you’re facing foreclosure.
In addition to the CFPB guide, the Finance of America Foundation has created a new online resource for homeowners of all ages who may be experiencing financial hardship. You will be asked a few simple questions about your situation. Based on your responses, you will be provided a list of relevant resources in your community. The resource list will contain links to the resources and may also be printed for reference. As new resources are identified, the web site will be updated.
If you have a reverse mortgage and your home has been damaged as a result of a natural disaster, please use this resource to identify local resources that can offer assistance.
Access the web site at https://homeowner-help.org/webpages/LoanHelp.aspx