More and More Reverse Mortgages are rescuing people from Foreclosure

I have seen a huge spike in requests for Reverse Mortgages for borrowers who are in foreclosure.

In my opinion, the Reverse Mortgage is the absolute best outcome to the already bad situation because the borrower gets to stay in their home, they have no more issues with making payments and the lender gets paid off now (albeit a reduced amount in many cases.)

Many lenders are still not taking the proceeds of a Reverse Mortgage and this is something that should be addresses on a national legislative level. It just makes no sense that a lender will take a certain amount if the property is being sold and will not take the same amount if the borrower is using a Reverse Mortgage to stay in their home.