What Happens to my Reverse Mortgage if I File Bankruptcy?

Real estate subject to a “reverse-mortgage” is valued the same way that real estate subject to other sorts of mortgages are for purposes of bankruptcy.

To read more about reverse mortgages in bankruptcy, click here to read our full article on this topic on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact me at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

2 responses to “What Happens to my Reverse Mortgage if I File Bankruptcy?

  1. Frank Hooper

    I am 82 and my wife is 80. We have a reverse mortgage whereby the total amount of the loan is about what the home is worth. If it becomes necessary for us to file for bankruptcy, will we still be able to live in our home as long as one of us lives there when we continue to pay our taxes, association fees and home insurance? Without any equity in the property, if a creditor filed a lien on the home anyway, would that cause the mortgage to become due and payable then. I don’t think this is going to happen but if it did, I need to know how it will affect our ability to stay in the home. Please advise! Thank you! Frank Hooper

  2. Thank you for writing, Mr. Hooper. I would be happy to answer your questions if you would like to contact me at (248) 977-4182. Please note that I am able to represent Michigan residents only.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s