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Reverse Mortgages are saving many people from foreclosure

I wish there were better statistics about how many Reverse Mortgages have been used to rescue people from foreclosure, but there aren't. What I can tell you is that every major lender has a fast track for processing Reverse Mortgages in foreclosure. What that means is that when every loan is submitted the loan officer has to indicate whether the current loan is in foreclosure or not. if it is, then the whole process is expedited to avoid the borrower losing their home. In may cases the old lender is accepting a short-sale or less than they are owed to get paid off.

Posted by Michael Pinter on 06/03/2008 02:53 PM

Comments (2)

reverse mortgage, foreclosure

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2 Comments on Reverse Mortgages are saving many people from foreclosure

JUN

2008

It would be great to see stats like this - and I want to say there have been studies on this. However, I believe the studies were what percentage used the reverse mortgage to pay off their existing loan, and I don't remember seeing the number that used the loan to avoid foreclosure.

Nevertheless, I am absolutely passionate about this program. For the 78 reverse mortgage loans I have done so far this year, 6 of them were to avoid foreclosure and losing the homes those folks loved. That equates to about 8% of the loans.

JUN

2008

Thanks for the comment, I couldn't agree more. I think most lenders probably could publish the stats on foreclosure rescue, but they don't

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