Can I use a reverse mortgage to stop foreclosure?

If you’re 62 or older, a reverse mortgage may be an option for you to avoid foreclosure by using the payment from the reverse mortgage to pay off your current loan and then receive a payment for any other existing equity you have in the form of a lump sum, HELOC or a combination thereof.

What does ‘deed in lieu of foreclosure’ mean?

A deed in lieu of foreclosure involves signing your property back over to your lender. This avoids the drawn-out process of foreclosure and allows you to move on. You might be able to get moving assistance as well.

Refinancing To Avoid Foreclosure: FAQs