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When I got my HECM on my property in 2007, I had a Line of…

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When I got my HECM...
When I got my HECM on my property in 2007, I had a Line of Credit. My Reverse Mortgage was then bought by Bank of America 2 years after and my Line of Credit was by the bank canceled. Is it right for the bank to cancel my Line of Credit?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 23 minutes by:
2/1/2016
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 124,219
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If you had a signed agreement for a line of credit on your mortgage, the new lender cannot come in and change the terms of your loan unless your loan agreement says they can do so, that would be a breach of contract. Thus, if your HECM specified you would have the line of credit and you are not in default of the line of credit and there is nothing in your mortgage contract saying it can be terminated at discretion of the lender, the new lender must continue honoring the line of credit or you can sue them for breach of the contract and seek damages and reinstatement of the line of credit.
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Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 124,219
124,219 Satisfied Customers
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

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