The reverse mortgage is due. Do not ignore the mail.
The reverse mortgage is due. Do not ignore the mail. Help with occupancy letters, the 30-day rule, payoff, sale, refinance, or turning the keys. Bill Gross, California broker, not a HECM originator.
This page is for homeowners and heirs who already have a reverse mortgage. It does not originate or arrange new reverse mortgage loans.
For free, independent guidance, you can also call a HUD-approved housing counselor at (800) 569-4287. HUD counseling is separate from this page and from Bill Gross, so please contact the counselor directly.
Most reverse mortgages, including HECMs, become due and payable when the borrower dies or permanently leaves the home. Servicers send notices. Federal timelines start. Ignoring the mail does not pause the loan.
Pay off, sell, refinance, or turn the keys.
Those are the paths. Heirs have a short window to tell the servicer what they intend to do. Do not wait for probate to be “over.”
Failure to return the occupancy letter is the #1 cause of avoidable foreclosure.
Annual occupancy certification: sign it and mail it back. Property taxes and homeowners insurance must stay current, or a LESA set-aside has to do that work. Technical defaults also include neglected maintenance and unauthorized title transfers — including adding a child to the deed.
Visit ReverseMortgageSOS.com →
Or schedule a consultation with Bill Gross · (310) 210-0008