I was speaking with our data provider a little while ago and she told me that there were currently about 500 people in Arizona who were over the age of 62, had a loan-to-value ratio of 60% or less and were currently late on their mortgage payments.
In this month’s National Reverse Mortgage Lenders Association magazine, there is a section titled “When A Reverse Mortgage Protects Against Foreclosure” and it gives a few testimonials from people who have had borrowers that were saved from foreclosure by getting an FHA-insured HECM reverse mortgage.
“I was able to save a client’s home from foreclosure. She had very little income and was a widow. Her home was all that she possessed.” – As told by Michael Kidder, Security Mortgage Corp. Okemos, MI.
If you know a senior who is facing foreclosure, take the time to find out if an FHA reverse mortgage can help them and save them from having to move out of the home that they love.