It is always good to see or read fair and balanced media portrayals about Reverse Mortgages. Unfortunately there are not enough. Yesterday, Amy Hoak wrote a very fair article in Marketwatch about Reverse Mortgages. It is a worthwhile read. Here is the link to it:
http://www.marketwatch.com/story/reverse-mortgages-now-a-less-costly-lifeline-2010-06-28
Lori,
Thanks for the comment. Feel free to subscribe to my blog.
Michael Pinter
Folks, Mike especially, please forgive me.
I am off topic, but this is the most recent post and it's very important for our family to find an answer. I'll make it brief.
Mom lives in and owns only one home, 86 years old widow, has $750,000 free and clear equity in the home. Home is in the US Virgin Islands (ZIP 00830). She goes to the only mortgage company down here in the VI licensed to offer HECM loans. She jumps through all the FHA loops. Days before supposed closing, mortgage company calls back saying they can't +/- "find a wholesale buyer stateside that will 'buy' the loan"?? Now, widow is stuck and bank with who she has a small mortgage on her home with is threatening foreclosure. HELP! (She's my Mom!) Any ideas?!
Grateful for any ideas. How bit this? Person providing solution gets to stay at our home here in St John, VI for a week. I am not joking. We are truly desperate. And yes, I checked with the BofA's, JJ Nutter's and so forth, all the "big boys" already.
Thanks so much.
Eric
elaimins@aol.com
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