Due and Payable Letter
A due and payable letter is sent to the borrower by the lender when a reverse mortgage comes due. This is the first and only notice a borrower will receive. Usually, you have 30 days to respond to the letter informing the lender of how you intend to proceed. The letter will include range of important information, including the loan balance, payment methods, how long you have to respond to the letter, and steps to follow to avoid foreclosure.