HECM line of credit funds are not garnishable.

I found this great article this morning, written by a National Mortgage Professional. Undrawn HECM line-of-credit funds are not garnishable.Reverse mortgage proceeds may lose protection once withdrawn.Payment structures matter: scheduled disbursements may be treated differently. A Florida appellate court has ruled that creditors cannot force homeowners to draw from unused reverse mortgage credit lines to…

What are you waiting for?

Getting started is easy. We offer very competitive rates, have great service, and always close on time.

REQUEST A FREE ASSESSMENT

ASK A PROFESSIONAL

Licensing

Scott Underwoood #206339 #221195

Serving Birmingham, Huntsville, Mobile, Alabama, Georgia, Mississippi, and Tennessee.

nmlsconsumeraccess.org

Contact Us

Number:
(205) 908-2993
(256) 677-9767

Get the latest Mortgage Updates in Your Inbox

Equal Housing Lender

**The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, you are required to consult with a qualified independent housing counselor and include family members and other trusted advisers before making this decision. This information is not from HUD or FHA and was not approved by HUD or any government agency.

HECM line of credit funds are not garnishable.

Posts Tagged ‘seniorsupplementalincome’