Reverse Mortgages are not short term, hard money, bridge or balloon loans normally associated with the type of loans people are forced to get to stop a foreclosure proceeding. But for seniors aged 62 and over, a reverse mortgage can be a life-line that rescues the seniors in danger of losing their homes to foreclosure.
Many seniors are faced with rising living costs with which their fixed incomes do not keep pace. Rising costs of everything from food and gasoline to new medical expenses and even the rising costs associated with some of the adjustable rate mortgage programs that some seniors found themselves taking (either by too little explanation on the part of the originator or because they felt they had no other choice to keep their payments as low as possible), leaves many seniors with impossible decisions to make. Do they make the mortgage payment, or purchase the food and medicine they need to live for that month? These decisions have placed many seniors in peril as they near or enter foreclosure on their homes.
Now for the good news!
A reverse mortgage requires no income or credit qualification. What this means is that if you are behind in your payments, even if the lender has filed a notice of default, you may still get a new reverse mortgage loan – and once you get it, you will never make another payment for life.
You still have to meet the other reverse mortgage criteria, but if you do a reverse mortgage may be just the right thing for you or your loved ones to live payment free and worry free for life.
The borrower(s) must go through counseling, the loan has to be processed including property appraisal, all title issues including trusts, conservatorships, etc must be reviewed and approved so a reverse mortgage loan is not a 4 or 5 day loan.
You need to realize that if you are going to use a reverse mortgage to stop a foreclosure it's a long term solution that must be dealt with in a timely manner without a lot of extra time for delay.
Contact a Guardian Financial Network Reverse Mortgage Specialist today if you or a loved one find yourselves in this situation to see if a reverse mortgage is the right solution for you.
Foreclosure Assistance Program - This program provides financial assistance to very low- and low-income homeowners facing foreclosure due to an unexpected loss of household income. The goal of this program is to avoid foreclosure by paying up to six (6) months delinquent mortgage payments (PITI) or $7,500 to assist with bringing the mortgage current. The property must be the primary residence of the homeowner.
Over 62 and facing foreclosure?
