Avoid Foreclosure in Ashland, OR
Current news brings much attention to folks who have gotten in too deep with their mortgages and seemingly have no way out.Foreclosure can be avoided for many people over the age of 62 if they have equity in their home.
Reverse Mortgage Awareness on the Rise
In spite of the fact that Reverse Mortgage articles abound many financial advisors, accountants, friends and family members do not know enough about Reverse to realize that they may be the homeowner’s only saving grace.
When a homeowner over 62 finds them self unable to pay their mortgage and facing foreclosure they need to do a quick evaluation as to whether they may be a candidate for a Reverse Mortgage. If they would like to remain in their home they may be able to prevent the foreclosure.
Equity is the Key to Qualifying
Depending on their equity position, age and current interest rate they may be able to qualify for enough money to pay off their current lender and stay in their home, without having to make any more monthly payments.
Typically a senior needs about 40% equity to qualify, and the older they are the less equity they need. A borrower’s credit score is not a qulifying factor so their current foreclosure status will not prohibit them from qualifying if they have sufficient equity and their property meets FHA guidelines.
Look into Qualification
Encourage clients facing foreclosure to immediately contact a reverse mortgage specialist in Ashland to do an evaluation to see if they may qualify for a reverse mortgage and avoid foreclosure. A Security One Lending representative can do an in home consultation in Ashalnd to determine if reverse mortgage might be a solution and visit www.reversemortgageashland.com or www.facebook.com/AshlandOrReverseMortgages.com or contact Nadine Petel at 541-955-4518