Avoid Foreclosure By Taking Out A Reverse Mortgage

Reblogger Monique Hailer & Todd Combs, PA
Real Estate Agent with Schooner Bay Realty

 

Original content by Eric J

With foreclosures on the rise, baby boomers and senior citizens are falling behind on their monthly mortgage payments. There are also those who are not in danger of foreclosing, but their current monthly mortgage payments are significant leaving them little to live on each month.

A reverse mortgage can end the payment nightmares for them AND they will never have to make another mortgage payment ever again! You can use reverse mortgages to end your current forward mortgage and since you will not have any more payments, that will help with your monthly cash flow problems.

In summary, this move eliminates your current mortgage payment forever without having to sell your home.

Many people think their homes are at risk with a reverse mortgage but that is far from the truth. You can never lose your home and you can pass it on to your heirs. It is federally insured by the FHA so you can never get upside down with a reverse mortgage.

It is a great way to live through a tax-free no payment vehicle like a reverse mortgage and does not have any impact on social security benefits, your pension, or medicare.

** MORE REVERSE MORTGAGE INFORMATION **

 

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Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Maryland Calvert County Solomons
Tags:
southern maryland forclosures
reverse morgages
southern maryland lenders

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Show All Comments
Rainmaker
906,262
Joyce Kelley
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

So true and we are even selling a few new homes using the reverse.

Dec 01, 2009 10:39 PM #1
Rainmaker
292,298
Monique Hailer & Todd Combs, PA
Schooner Bay Realty - Cape Coral, FL
Waterfront Specialists!

Wow Joyce that's a bit amazing since alot of homeowners are upside down. The sellers must have bought in 2003 or earlier. Normal appreciation is 3-4% a year. I am hapy for those that can,

Dec 02, 2009 07:48 PM #2
Rainmaker
174,420
Susan Thompson-Solomons
The McNelis Group, LLC - Solomons, MD
MD Real Estate

Monique, there is good information here. There is a lot of misunderstanding about reverse mortgages and this is very helpful.

Dec 03, 2009 08:15 AM #3
Show All Comments
Rainmaker
292,298

Monique Hailer & Todd Combs, PA

Waterfront Specialists!
Contact me anytime!
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