Are you over the age of 62 and currently late on your mortgage payment?
Here is something that I bet you didn’t know — according to a data provider that I use, there are currently 499 seniors in Arizona who are over the age of 62, have a loan-to-value ratio of 60% or less and they are currently late on their mortgage payment by either 30, 60 or 90 days.
When digging a little deeper into the “senior debt problems” that we have in our country, you don’ t have to look very far to see that credit card and bankruptcies among the senior population is rising. According to the National Consumer Law Center:
An increasing number of older consumers are experiencing problems with debt, often by using credit cards to pay for groceries, prescription drugs, major home repairs, loans to children or grandchildren, and other necessities. The average credit card debt of Americans over 65 increased by 89 percent between 1992 and 2001, from $2,143 to $4,041. Elders between 65 and 69 years old saw the most staggering rise in credit card debt—217 percent— to an average of $5,844.1 One study of individuals who file chapter 7 bankruptcy found that seniors (65 or older) on average have nearly four times as much credit card debt as filers under the age of 25.
If you are a senior living in Arizona and are currently late on your mortgage payment, be aware that having good credit is NOT one of the criteria for qualifying for an FHA-insured reverse mortgage.
Is the FHA reverse mortgage program right for you?
If you are late on your mortgage payments, are over age 62 and have equity in your house… It just might be.