Tough times have hit every age group in America, many of the seniors who have worked for years to pay off their homes are facing the same doom and gloom as many younger folks that purchased at the height of the market. Families are moving in with each other often to try and make ends meet, it is what we do to survive sometimes.
Many seniors, are now finding that their budgets are not enough to pay for the home they have worked so hard for all these years. Today I read a post that Bryan Husen with Sunset Mortgage Company wrote, that I felt should be shared, it could save someone’s home.
This month I helped close a Reverse Mortgage for a family that I think is worth mentioning. A married senior couple in their Vancouver Washington home was on track to pay off their 30 year mortgage. Unfortunately they found themselves in a situation where they have now taken on the responsibility of raising their grandchildren. Expenses had gotten out of control, and they became default on their mortgage. Due to strict lending guidelines, and limited income since they are both retired, a typical refinance to avoid foreclosure wasn’t possible.
Although Byran cannot promise to save every senior it is a program with taking a look at. If you are a senior and are trying to sell, and relocate to be closer to family or health services you might ask about a reverse mortgage purchase loan. Tell Bryan I sent you, and make sure to check back in and let us know how it went.