The biggest figures came from California, Florida and Arizona. The senior American, who cannot pay their mortgage loan payments, the special loan called a reverse mortgage can offer a great help, because by taking a reverse mortgage loan, they can avoid the monthly payments of the loan.
1. When The Foreclosure Threatens, Act Quickly.
The home foreclosure is a very serious thing. It will drop the credit score by 250 or 300 points for 10 years. Additionally a senior will lose the home. So there is so much on stake. If the reason, why a senior cannot pay the mortgage loan, which has been taken against the home equity, is the lack of the monthly cash, the reverse mortgage loan offers a real help.
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If the mortgage loan payments are 3 months behind, you really must act quickly and take contact with your lender. When the initiative comes from the borrower and he has a suggestion, how he is going to solve the financial problem, the lender will do his best to avoid the foreclosure process.
The idea is to pay away the usual mortgage loan with the reverse mortgage and in this way to avoid paying the monthly back payments. If this is enough to carry a senior over his financial troubles, then it is worth taking the reverse loan.
2. Who Can Qualify?
The idea is to take the reverse loan against the equity of the home. So there must be enough equity left. This means, that the credit score nor the income level of a senior has no meaning, they are not even asked. The only requirements are, that a senior is at least 62 and the owner of the home, where he has equity left.
3. What Is The Real Help?
The real help to a senior is, that with the reverse loan he can turn a part of the home equity into cash money and in this way to avoid losing his home and a good credit information. When he has paid the mortgage loan for years, it is fair to use a part of it to save his rest life. And he will stay as an owner.
4. How Many Borrowers Are Allowed?
A couple or maximum three persons are accepted as the borrowers. They have not to be relatives to each other, but all borrowers must be the owners of the home and to use it as their permanent home. Of course all must fulfil the qualifications, i.e. to be American and at least 62.
5. From Where Can A Senior Get Help.
The U.S.Government has organized this in a great way. There are lots of federal counselors all over the country. These counselors are not in the payrolls of the lenders, but they are independent and thus free to give guidance to seniors.
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