Maggie's Reverse Mortgage Blog : August 2012

Two Couples Will Not Loose Their Homes Thanks To Reverse Mortgages

 By Maggie O'Connell

 This was a great week.  We saved two homes from foreclosure. 

 

One couple living in a small desert town in Nevada went in to a lender a few years ago to get money to do landscaping.  What they got was a loan with a balloon payment and the due date was now fast approaching.  They had no money to pay the debt and a loan modification wasn't the answer but the reverse mortgage seemed to be the perfect solution.  Everyone was very disappointed when the appraisal came back low and we were about $10,000 short of paying off the loan.  We requested a short payoff and the lender accepted!  The anguish this couple had been going through was over.  They will now be able to live in their beautiful home for the remainder of their lives with no mortgage payments.

 

The other couple lives in the hills of the Central Coast of California.  Actually, my family lived less than a mile away from this family for 15 years and my kids grew up with their kids who stayed in touch after we moved away.  That’s how we learned they were in trouble with their mortgage. This home was very special as the entire family as they built it together. The thought of losing it was devastating to everyone. Again, the appraisal came in low and they were $15,000 short of their mortgage payoff.  They looked to relatives for help and a sister was able to give them the money they needed.  No longer do they live with the nightmare of losing their home.

 

What a blessing to be in a profession that is so rewarding!


 

 

 

Comment balloon 1 commentMaggie O'Connell • August 05 2012 09:42PM
Two Couples Will Not Loose Their Homes Thanks To Reverse Mortgages
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By Maggie O'Connell This was a great week. We saved two homes from foreclosure. One couple living in a small desert town in Nevada went in to a lender a few years ago to get money to do landscaping. What they got was a loan… more