The solution depends on the sort of reverse mortgage to have which you was implementing Zero. If you are loss of the latest borrower is considered the most better-known prospective bring about to possess property foreclosure off an opposite mortgage, anybody else would can be found. Some typically common occurrences one to generally speaking would trigger a default and you will possible property foreclosure pursuant so you’re able to New york laws and you can laws and regulations, tend to be, however they are not restricted so you can: Failure to pay assets fees Inability to expend property insurance coverage Purchases of the property Inability to make use of the house or property as your prominent place of household the 365 big date months rather than alerting brand new mortgagee of an enthusiastic anticipated time off go back and you may to make plans sufficient to help you mortgagee to possess the constant maintenance of the houses or perhaps in excess of 180 nonconsecutive months. A bankruptcy filing People experience who does lead to a foreclosures of one’s contrary home loan should be made in the loan files and as element of the latest revelation wanted to your by the […]