Mortgage loans as such involve a lot of documentation and verification processes. There are federal regulations to comply with and many forms to submit. Reverse mortgage is quite different from a typical mortgage loan. In fact, it works the opposite way! In mortgage, the institution lends you money to purchase the property in your name. Mortgage And Foreclosure Service for reverse mortgage works differently. In reverse mortgage, an elderly person (a senior citizen) mortgages the property and the institution pays this person on a monthly basis or a lump sum amount in return. They have to pay it back by end of term, though it is usually sold and paid off after the borrowers’ death by those who inherit the property.

In a normal or forward mortgage, the foreclosure occurs when the payer fails to repay the monthly amount (principal and interest). There’s a possibility of a forceful eviction in case they fail to pay. This is one reason people are sometimes hesitant to apply for Mortgage loans. In a reverse mortgage, the foreclosure usually happens when the last borrower dies or when the borrowers plan to shift permanently to another property.


Reverse mortgages are processed by offshore mortgage processing services to applicants above 62 years of age. If the spouse is not yet 62, then she becomes a non-borrowing spouse who is protected by the law and cannot be evicted. She can continue to live in the property as a nonborrower, complying with property laws and tax requirements, till she becomes 62 years. Then she will also become a co-borrower. But the younger she is, the lesser the borrower will be able to receive on a monthly basis.

Since reverse mortgage foreclosures rarely involve eviction, it is a convenient option chosen by the seniors to live peacefully with their own hard earned money. Competent offshore foreclosure services providers respect the reverse mortgage customers and ensure timely and quality service to the seniors. Since the non-borrowing spouse is also protected by law, it is a welcome decision for the elderly couple to explore their retired life without having to depend upon anyone else.

All these, provided they decide to stay in the same property permanently and comply with all the other requirements such as tax payments, property insurance etc related to the mortgaged property.

But there are cases when the foreclosure is done otherwise also. As we mentioned earlier, one of the reasons for foreclosure is when the reverse mortgage loan is due for payment. If this is not possible, the lender can initiate the procedure for foreclosure. Upon death of the last borrower, the heirs may repay the balance and buy the property back or sell it and use the money to pay back the loan, or write off the property to the lender. In either case, the mortgage institution will outsource foreclosure services to a competent authority to carry out the documentation and proceedings efficiently. The outsourcing firm’s experienced resources ensure a smooth experience through the entire process by helping the parties to comply with all legalities and procedures without hassles.

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