Are you tired of hearing about how horrible the mortgage market is, how bad mortgage lenders are, and how high the foreclosure rate is in Colorado? Maybe you're able to tune it out more than I, since it may not be the world you work in.
I know you didn't hear this story. It involves a Realtor (Tim Hoyman) wanting to help a long-time client stay in his home which was in foreclosure.
The homeowner had a heart attack and was in rehab for several months. During that time he missed a couple payments on his second mortgage, so it went into foreclosure. The homeowner was a 73-year-old gentleman who had a lot of equity in his home. With a reverse mortgage we were able to pay off his first and second mortgages, get his home out of foreclosure, and help the gentleman stay in his home. At the end of the loan the gentleman was very relieved that his house had been saved, and he was looking forward to moving back in and living an independent life.
Tim Hoyman knew enough about reverse mortgages to tell his client to get more information, and see if this type of loan could help save the home. My crusade is to educate people who work with seniors, or the children of seniors, about what reverse mortgages are and aren't, when they fit and when they don't. If you know someone who has questions please let me know, or ask another reverse mortgage specialist.
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