What is the foreclosure process for a reverse mortgage?

In Pennsylvania, the foreclosure process for a reverse mortgage is conducted through the court system. The lender of the mortgage typically files a complaint in the Court of Common Pleas to foreclose the reverse mortgage in order to receive the amount of the loan plus any accrued interest. After the complaint is filed, the court will issue a citation with a hearing date. The homeowner will be expected to appear in court to answer the complaint filed against them. The court will then decide if the homeowner is in default of the reverse mortgage and will order the homeowner to pay the full amount of the loan, including any interest or fees. If the homeowner does not pay the money by the decided upon date, the court can issue a writ of possession and a sheriff will arrive to evict the homeowner from the property. The homeowner has the right to contest the foreclosure and may file a motion for relief from judgment. This motion must be filed within 30 days of the judgment and should explain why the homeowner can’t pay the amount due. If the motion is approved, the homeowner will be given an extended amount of time to pay the loan or negotiate a repayment plan with the lender. If the motion is not approved, the homeowner may file an appeal to the Superior Court of Pennsylvania.

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What is the foreclosure process for a reverse mortgage?

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