Reverse Mortgage Foreclosure
type: Class
subclass of: RsCr2ffuxk4pqU5CQ8SAxq
definition: Reverse Mortgage Foreclosure is the legal process in which a lender takes possession of a property after the borrower, typically an older homeowner, fails to meet the conditions of the reverse mortgage agreement. This can occur due to reasons like the death of the borrower, failure to pay property taxes or insurance, or permanently moving out of the home. The property is then sold to repay the loan balance and any associated costs