Special offer

Reverse Instead of Foreclosure in Ashland Oregon

Mortgage and Lending with Security One Lending Reverse Mortgage

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

Posted by

Nadine Petel signature

Sara Homan
Coldwell Banker Ellison Realty 352-209-4044 - Ocala, FL
Realtor, Homes, Farms & 55+

Hi Nadine,  Yes reverse mortgages may be a good option for the right owner at the right time.

Mar 23, 2012 12:51 PM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

It is true that the possibilities for those over 62 yrs of age can possibly save their position and stay in the home.

Mar 23, 2012 12:52 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co


Hi Nadine,

Good info for anyone in this situation.

Last year while at a REALTOR/Lender event in TX, I met a loan originator who actually "saved" a senior from being foreclosed by using a reverse mortgage. The elderly owner's situation was that she did not have enough equity to obtain a reverse and would soon lose her home. This loan originator contacted the lender and arranged for a "short payoff" on the owner's existing loan and then arranged a short sale.

I thought that was brilliant, not only did she save the elderly homeowner from losing her home, she negotiated the short sale with the existing lender, which was in-turn better than another foreclosure in their inventory.

Mar 23, 2012 01:22 PM
Nadine Petel
Security One Lending Reverse Mortgage - Grants Pass, OR

I have done the same thing on a few occasions. The clients I dealt with had multiple liens on the home so I had to negotiate with each lienholder to reduce it enough that the loan could close and everyone would at least get paid something.

On one of them I got the auction date postponed twice while I worked with all of the lienholders (about 5) and we finally closed it and funded the day before the final auction date. My client had people coming to the home, looking in the windows and trying to preview the home. It was a very nice, new river front home. It had burned down a few years prior so it was newly rebuilt.

The man had serious medical issues so he was unable to work and had a lot of medical bills that had become liens. He was unable to pay the mortgage so he was facing foreclosure. He had been there a long time so he had equity but not enough to pay everything which is why I had to negotiate. Several times we had everything lined up to close and another lien would get recorded. I had to renegotiate with everyone a few times.

It was an extremely difficult loan to close but the most rewarding one probably. I doubt that anyone else would have put the time into working it out for him but I was happy to do it.

Mar 24, 2012 10:38 AM