I’m at the point where I pretty much have to take out a reverse mortgage. I’ve looked at other options. I need some home repair and don’t have the money.
Currently I’m on the income based program with 0 payments. I borrowed 75K, and it’s now 325K.
Question, can the Student Loan take money out of my funds from the reverse mortgage I will have ? It’s not even going to be a lot, I’m in manufactured home. If they do, I’ll be homeless.
I will do more research on this, but if anyone has knowledge of this, would be appreciated.
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If your not in default they will not try to currently collect from you. If you are taking a reverse mortgage for needed home repairs and you make those repairs then you don’t have cash lying around. I’m not a lawyer or expert though. I used Joshua Cohen’s firm when I was in trouble https://thestudentloanlawyer.com/. They can take social security and what not so even if you are judgement proof they can come after you but since Biden has gotten in I think many of those cruel practices have stopped. I hope that helps!
Thank you