Reverse Mortgage Pre Foreclosure Notice (RPAPL 1304) - Engish-2026

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This document is a foreclosure notice informing the borrower that their reverse mortgage loan is in default due to various reasons such as non-occupancy, unpaid property taxes, or lack of insurance. It outlines the borrower's rights to dispute the claims, potential options for curing the default, and resources for free housing counseling. The notice emphasizes the importance of taking immediate action to avoid legal proceedings and clarifies that it is not an eviction notice.

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Click ‘Get Form’ to open the Reverse Mortgage Pre Foreclosure Notice in the editor.
Begin by entering the date at the top of the form. This is crucial as it marks when the notice is effective.
Fill in the Borrower’s address and Loan Number. Ensure accuracy, as this information identifies your loan.
Provide the Property Address where the reverse mortgage is secured. This helps clarify which property is affected.
In the body of the notice, indicate how many days your loan is in default. This section requires careful attention to detail.
Check any applicable conditions that have led to default, such as failure to occupy the home or pay property taxes. Be thorough in documenting these issues.
If applicable, fill in amounts owed for any advancements made by your servicer regarding property taxes or insurance.
Lastly, review all sections for completeness and accuracy before saving or sending your completed notice.

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How does a reverse mortgage get foreclosed?

A lender may file a reverse mortgage foreclosure case under the following circumstances: Death of the borrower; Failure to maintain the property as your principal (primary) residence.

What happens if you cant pay back a reverse mortgage?

The bottom line. Reverse mortgages can be a valuable tool for retirees looking to access home equity without monthly payments, but they come with responsibilities that must be taken seriously. Failing to pay property taxes, insurance, or maintain your home can trigger a loan demand, foreclosure or damage to your credit

What is the 95% rule on a reverse mortgage?

If you have enough equity remaining in your home, refinancing the reverse mortgage may be an option. This involves taking out a new reverse mortgage to pay off the existing one. Youll need to have accumulated enough equity since taking out the original loan to cover the existing balance plus closing costs.

What is the foreclosure rate for reverse mortgages?

One out of every ten reverse mortgages is in default or foreclosure.

What is the 6 month rule for reverse mortgages?

The 6-month rule refers to the timeline heirs and surviving family members have to address a reverse mortgage after the borrower dies or permanently leaves the home.

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What happens when a reverse mortgage goes into foreclosure?

A reverse mortgage foreclosure is similar to any other foreclosure: Youre no longer responsible for the loan, but youre not entitled to any remaining proceeds once the home is sold or the loan is satisfied. The loan servicer will become the homeowner.