The answer depends on the kind of contrary mortgage to have which you try using
Zero. Whenever you are death of the fresh new debtor is among the most really-recognized prospective trigger getting property foreclosure away from a reverse financial, others perform exist. Some traditional occurrences that typically create trigger a default and you may prospective foreclosure pursuant so you can Nyc rules and you can laws and regulations, are, however they are not restricted so you’re able to:
- Failure to blow property fees
- Failure to pay possessions insurance rates
- Marketing of the property
- Inability to use the property since your principal place of house your 365 day months versus alerting the mortgagee regarding an enthusiastic anticipated big date regarding get back and you may to make preparations high enough so you’re able to mortgagee having the maintenance of one’s houses or perhaps in excess of 180 nonconsecutive days.
- A case of bankruptcy submitting
People skills that would end up in a foreclosures of your own contrary mortgage must be stated in your loan data and as part of new revelation agreed to you by the financial before you can close your loan
Likewise, [step 3 NYCRR Part 79.eight necessitates the bank to provide you with written notice out of the latest occurrence out-of a meeting who does bring about cancellation of reverse mortgage loan.
