Avoid Foreclosure By Taking Out A Reverse Mortgage

Reblogger Monique Hailer
Real Estate Agent with CENTURY 21 New Millennium

 

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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Topic:
Real Estate General Information
Location:
Maryland Calvert County Solomons
Tags:
southern maryland forclosures
reverse morgages
southern maryland lenders

Comments 3 New Comment

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Rainmaker
876,913
Joyce Kelley
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.
Charles Stallions Real Estate Services Inc

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

December 01, 2009 10:39 PM
Rainmaker
290,791
Monique Hailer
CENTURY 21 New Millennium

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,

December 02, 2009 07:48 PM
Rainmaker
174,220
Susan Thompson-Solomons
MD Real Estate
The McNelis Group, LLC

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

December 03, 2009 08:15 AM
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Rainmaker
290,791

Monique Hailer

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