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Reverse Mortgages and Foreclosures: What You Need To Know

Reverse mortgages and foreclosures are two terms that often appear together, but what do they mean? Do you need to worry about them if you are considering a reverse mortgage? Understanding the basics of reverse mortgages and foreclosures can help you make an informed decision.

A reverse mortgage is a type of loan available to seniors age 62 or older that allows them to access the equity in their home without having to make monthly payments. The loan becomes due when the homeowner dies, moves away, or no longer lives in the home as their primary residence. If the borrower fails to meet these requirements, foreclosure may be initiated by the lender.

Foreclosure occurs when a homeowner stops making payments on a loan and falls behind on their financial obligations. The lender then has the right to take ownership of the property until all outstanding debt is paid off.

The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706


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