Saving the Home

The mortgage news across the nation can be very alarming, and as I think about seniors, it makes me cringe to think about the many colleagues in my industry who have turned their back on the seniors who trusted them. It reminds me about a situation that I had learned about several months ago where a large sub-prime lender approved a loan for a widow. She had just lost her husband and she was in the middle of refinancing her home. Though it was probably not a great time for her to be making such a big decision, she nevertheless, moved forward with the transaction.

After several months had passed she called us to see if we could help her with a reverse mortgage to help her get out of the financial disaster that she was in. After looking into the situation, we found out that she had previously been approved for a loan that was just a couple hundred dollars less than her monthly earnings. There was no way that she should have been approved for such a loan for it was just a matter of time before she would not have been able to afford it. Before long, astronomical fees were added to the balance of the mortgage. This is what put the situation out of reach for a reverse mortgage to work. We worked very hard to try and get the fees reduced so it would save the home for this widow. But in the end, the sketchy mortgage company would not budge.

I am in the business of making life better for the senior. A reverse mortgage is a peace-of-mind financial tool. It allows the senior homeowner to live the life they want to live, without financial burden or risk of losing their home. When you really look into it, it is a pretty cool thing!

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