What should I do if I have a reverse mortgage and I received a notice that I am “delinquent,” “in default,” or behind on my property taxes and insurance? Act quickly. If you delay, or ignore the notice, you could eventually be forced to leave your home. Keeping current on your property taxes and homeowners insurance is a condition of your reverse mortgage. If you get behind, you are considered “in default” on your reverse mortgage. Default means that you are not meeting the requirements you agreed to when you took out the loan. Unless you take steps to “cure,” or fix your default, your loan could get foreclosed on…

I saw an ad for a no-payment reverse mortgage from the Department of Veterans Affairs (VA). Is this legitimate? Answer: No. The VA does not offer no-payment reverse mortgages. Some mortgage lenders run misleading ads directed at veterans that promise special deals, imply VA approval, or offer a “no-payment” reverse mortgage to attract older Americans desperate to stay in their homes. You should look out for and avoid loans that advertise: Official-looking logos implying that the loan comes from a government agency like the VA or the Department of Housing and Urban Development (HUD). Government agencies guarantee some loans, but they do not lend directly. Promises of amazingly low rates. Offers…