As LA fires burn, reverse mortgage industry emphasizes need for servicer, insurer contacts

With more than 153,000 people currently under evacuation orders in the Los Angeles area due to multiple wildfires, the reverse mortgage industry is mobilizing to assist affected borrowers.

Representatives from lenders and servicers are emphasizing that borrowers must contact their servicer about impacts on their property's occupancy, a critical requirement under FHA-backed reverse mortgages.

The National Reverse Mortgage Lenders Association (NRMLA) has urged its members to have borrowers reach out to their servicers immediately, showing solidarity with those impacted by the fires.

HighTechLending's COO highlighted their commitment to assessing risks and providing support for borrowers, employees, and partners during this tragic situation, stressing the importance of flexibility.

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