Do you have a senior citizen client in foreclosure? Did you know that if your client is over 62, has sufficient equity, and lives in the home, they can obtain a Reverse Mortgage to cure that foreclosure?

It doesn't matter what the seniors FICO is or isn't. It doesn't matter what their income is or isn't. There is no income or credit qualification for this program. The only reason I would look at a client's credit report is to look for judgements or tax liens.

My first foreclosure file was something else. My client had so much deferred maintenanance it wasn't funny. Her FICO was below 500 and her income couldn't be documented as she worked taking care of other seniors as well as cleaning houses. We ended up curing her foreclosure, getting her house fixed up and getting some much needed cash in her pocket. The lack of stress in her voice was fantastic to hear.

I got into this business to help people number one and to make a living number two.

I am in the middle of another foreclosure file but that'll be the subject of another blog.

Hope you're having a wonderful day!

Catherine :-)