You must live in the mortgaged home for at least 6 months out of the year in order to maintain compliance with the terms of your reverse mortgage. Because of this, you should probably consider moving back to your home, selling or refinancing your home as soon as possible. Unfortunately, if you have been in violation of legal documents that you signed, you are subject to the lender calling the loan due. If it is not paid, then yes, it is possible for you to be foreclosed upon.

Depending on which state you are in, foreclosure can take one month to several months. Once foreclosure proceedings have begun, the only recourse you have is to sell or refinance the property while you are still the legal owner. Contact one of us if you would like to discuss the specific details of this situation.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.