Success Stories

Reverse Mortgage Helps Senior Save Home from Foreclosure

A Simple Life

Mary[1] is a senior living in the East bay without family, who relies on a modest SSI stipend to meet her essential needs. Unable to work due to illness, she lives simply, in a small home surrounded by a community of neighbors that assist her with errands and minor repairs. With the security and comfort she has found here, all Mary wants is to enjoy her remaining years living in the home she worked hard to purchase.

A Rock and Hard Place

But Mary’s SSI does not cover her expenses. Recently divorced, she has no other means of support and has gotten behind in her mortgage payments putting her home in foreclosure. In addition to foreclosure, Mary has other creditors demanding that she sell her home to pay the debts she owes. Caught between a rock and hard place, the safety, security and independence Mary has worked so hard for is slipping away.

The Problem

Mary’s situation is not unusual. With skyrocketing health care costs and dwindling Social Security reserves, many seniors without family and other resources are finding themselves at the mercy of circumstance and in danger of losing the quality of life that they have worked for all of their lives.

A Secure Solution

Reverse Mortgages were specifically designed to assist seniors like Mary. A portion of the equity from a senior’s home is liquidated and used to repay other loans, debts, health care costs, daily living expenses or other needs. Unlike traditional refinance loans that require repayment to begin immediately, reverse mortgages allow the senior to receive the loan proceeds through a variety of methods, without repaying the loan during their lifetime. For seniors like Mary, living on a fixed income, a reverse mortgage enables them to receive the help they need right away without the undue hardship of a monthly mortgage payment.

Happy Endings

Assisted by our team, Mary was able to secure a reverse mortgage on her home. With the proceeds she was able to repay her existing mortgage in full and stop foreclosure. With the remainder of the money, she was able to pay off her creditors and have enough left over for a monthly stipend to supplement her income.  Now Mary can stay in the home she loves, surrounded by caring neighbors in security, enjoying the lifestyle she has grown to love.

If you are interested in learning more about Reverse Mortgages, and how they might help you or a loved one, give us a call today at (888) 420-0111.