Let’s talk about the ways that a reverse mortgage can rescue a senior from what feels like a noose tightening around their neck. When expenses keep rising and income doesn’t, times can get tough. A reverse mortgage can be a life saver. Stop foreclosure If you are behind on your payments or even your property taxes, you can do a reverse mortgage to pay those off, relieving you of the pressures of making those payments. A reverse mortgage doesn’t care about past payment history. In Oregon you can most likely defer your taxes on the property, providing additional relief from the payments. Pay off debt If you have incurred debt just trying to live, you can pay that off with the proceeds of a reverse mortgage. This can include any credit cards, automobile loans, money borrowed from children or even back taxes. With times being tough and Social Security not being all that it was supposed to be, sometimes a credit card can feel like relief when it really is just a trap. Pay off that debt with a reverse mortgage and you won’t have to make the payments any longer. Stop collections If you have collections on your credit and would like them to go away, consider a reverse mortgage as a way to pay them off. You can pay off any of the bad debt as long as you have enough equity to do so. The best way to find out is to call a loan officer. Live a great retirement When a reverse mortgage solves all your credit and income problems, think of how relieved you will be, and how great retirement can be. Not having the stress of creditors bugging you or even the risk of losing your home, it will feel like a large weight removed from your shoulders. No matter what your credit or income problems are, a reverse mortgage can change it all for you. It will allow you to borrow the equity from your home regardless of how much you make each month and without concern for your credit. If there are judgments though, you will need to have enough equity to pay those off through the loan. You hopefully can see that the reverse mortgage is designed to help seniors, not penalize them for having no credit or even bad credit. There are no debt ratio requirements, because you don’t make payments on this loan as long as you live there. #help #foreclosure #taxes #reversemortgage #retirement #rescue #socialsecurity #medicare #medicaid #seniors
Posted on: Sun, 09 Mar 2014 12:41:12 +0000
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