Imagine for a second the following scenario:
- You are age 70.
- You live alone.
- You are living on social security and a small pension.
- You have never used the Internet.
- You have lived in your home for 25 years.
- You have recently had some unexpected expenses arise and you find yourself not being able to make your mortgage payment each month.
- You are currently at least 30 days late on your mortgage and don’t know how you are going to be able to afford to stay in your home.
Now imagine being in this situation and then getting a call from your lender offering a possible solution to your situation — the FHA reverse mortgage program because your situation had been “discovered” by a software package used by your lender.
What % of the estimated 684,000 people aged 50 and older who are currently behind on their mortgage (and that is an old statistic) will the FHA reverse mortgage program help?
I don’t know for sure, but if it helped even 10% of them, that is almost 65,000 seniors who will be able to stay in their home and not have to worry about making another mortgage payment.