Skip to main content
(404) 685-8800 Contact Us
Reverse Mortgages Leave Heirs with Heartache Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Reverse Mortgages Leave Heirs with Heartache

Foreclosue Sign on Top of For Sale Sign in Front of House

The idea behind a reverse mortgage is that the homeowner can borrow against the equity in a property, leaving them mortgage free until they pass away. Heirs are then able to choose to pay off the loan which, in theory, would allow heirs to keep the property, or put it on the market for sale. However, in many cases, things don’t work out as expected.

To put the problems that heirs are facing into perspective, listing every potential stumbling block would be the equivalent of a long-term study or government report. The two broadest categories would include heirs who were not aware of the reverse mortgage, and those who did not anticipate issues that could potentially lead to foreclosure on a family home.

Predatory Practices

Income and credit requirements have only applied to reverse mortgage loans within the last decade. What this meant for homeowners is that they were able to secure loans that would have been rejected under current regulations. Heirs, who expected a smooth transition of ownership, often find that a deceased relative had been allowed to secure a large loan against a property, and the lender is now demanding payment or the home would be subject to foreclosure.

Lack of Recourse

Understandably, many heirs attempt to negotiate and resolve issues surrounding reverse mortgages with the lender. However, this approach can be complicated and frustrating, depending on the terms of the loan and other factors. Lenders, regulators, congressional representatives and the Consumer Financial Protection Bureau are just some of the avenues that heirs have used in an attempt to arrive at a fair repayment agreement, often with little or no success.

Preparing for a Reverse Mortgage

Although heirs should not have to fight for the right to repay a reverse mortgage loan, a large number of cases illustrate that dealing with the process after the homeowner has passed away can result in the heartbreaking loss of a much loved home. If you have taken out a reverse mortgage on your home, discussing the loan with your heirs and establishing any requirements for transferring responsibility for the loan after your death can help prevent foreclosure.

Bankruptcy may also provide a remedy for avoiding foreclosure on your home as the result of issues arising from a reverse mortgage. For a free initial consultation in Georgia, reach out to the offices of Gingold & Gingold LLC today.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

First Free
Appointment




Disclaimer Privacy Policy

I have read the Disclaimer and Privacy Policy

Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

Write a review