Reverse Mortgages to Avoid Foreclosure
There are many reasons to consider a reverse mortgage. Many individuals struggle to cope with unexpected costs in retirement and use a reverse mortgage to help them through.
Healthcare Costs Strain Budget
Consider the case of Georgia Herigon, a 77 year old, retired homeowner. Georgia owed just $190,000 on her $650,000 home but struggled to make the $1300 monthly payment. Her husband was in poor health and needed in-home health care. While the couple had saved for retirement and received monthly pension and social security income, the added expense of the in-home care soon left them financially drained.
Georgia was a proud woman, too proud to tell anyone that she let the mortgage payment get two months behind. But when the mortgage company started using the word "foreclosure", Georgia knew she needed help.
Georgia was a proud woman, too proud to tell anyone that she let the mortgage payment get two months behind. But when the mortgage company started using the word "foreclosure", Georgia knew she needed help.
Georgia Researched Reverse Mortgages
Mrs. Herigon recalled hearing about reverse mortgages and began researching to find out if they were a good option. She knew that they allowed individuals over age 62 the ability to tap into the equity in their home, but she didn't think that she would qualify. After all, her husband was in poor health and she was behind on the mortgage payment.
Her research turned up good news. Because there is no need to repay a reverse mortgage for as long as they live in the home, her financial status does not prevent her from taking out a reverse mortgage.
Her research turned up good news. Because there is no need to repay a reverse mortgage for as long as they live in the home, her financial status does not prevent her from taking out a reverse mortgage.
The Reverse Mortgage Solution
The Herigon's assumed that obtaining a reverse mortgage would be difficult given Mr. Herigon's health complications. To their surprise, it was no problem whatsoever. In fact, the reverse mortgage company did not require a physical or even ask health-related questions.
The reverse mortgage allowed them to pay off their current mortgage, avoid foreclosure, and stay in their home. Best of all, because there are no monthly payments on a reverse mortgage, the Herigon’s were able to eliminate their mortgage payment completely. This left them with the breathing room they need.
Georgia’s case is becoming far too common as individuals struggle to cope with the rising costs of retirement. Reverse mortgages can help and have already been used to help thousands of people stay in their homes and enjoy life.
For more information, please contact Grindstone United, a division of Flat Branch Mortgage, at 866 508-HECM.
The reverse mortgage allowed them to pay off their current mortgage, avoid foreclosure, and stay in their home. Best of all, because there are no monthly payments on a reverse mortgage, the Herigon’s were able to eliminate their mortgage payment completely. This left them with the breathing room they need.
Georgia’s case is becoming far too common as individuals struggle to cope with the rising costs of retirement. Reverse mortgages can help and have already been used to help thousands of people stay in their homes and enjoy life.
For more information, please contact Grindstone United, a division of Flat Branch Mortgage, at 866 508-HECM.