Reverse Mortgages and Natural Disasters
After a natural disaster such as a hurricane, fire, or flood, Floridians may experience damage to their home and unexpected expenses. If the homeowner has a reverse mortgage, the costs of recovering from the natural disaster may make it challenging to also make their regular loan payment. This situation could lead to foreclosure if it is not addressed right away.
The Consumer Financial Protection Bureau (CFPB) recently released a guide for older homeowners on how to meet their reverse mortgage loan obligations while recovering from a natural disaster.
Download the CFPB’s Reverse Mortgage Disaster Guide to learn how to protect yourself and your home after a natural disaster.
You can also visit http://consumerfinance.gov/reversemortgage for more information from the CFPB about reverse mortgages.