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Mark Allen Schmidt

Reverse Mortgages can stop a foreclosure

Tuesday, August 28, 2012 - Article by: Mark Allen Schmidt - Mac 5 Mortgage Co - Message

Losing your home to foreclosure when you are young is like watching a dream go down the drain. Losing your home to foreclosure when are a senior is a nightmare that brings sorrow and pain.

Things happen that are beyond your control. Medical bills can pile up, an accident can take away your ability to work or maybe you tried to help someone you love and it cost you more than you could afford. When you are young you can work and rebuild, when you are no longer able to work and replace the money you need your security and home can be threatened.

Recently I helped a couple in their mid 60's who have a beautiful home worth about $250,000 and they owed about $45,000. Some things happened, the main bread winner lost their job and they got behind their mortgage and HOA dues.

Their credit was not the best and they didn't have the jobs to qualify for loan. But they were old enough (62 or older) and they did have equity in their home. In the end we were able to pay off their existing mortgage, catch-up their HOA dues and replace their roof with an FHA Reverse Mortgage. They still have access to about $75,000 cash if they need it. And, they no longer have a monthly house payment.

If you are behind on your house payments, if you owe taxes and have credit card debt, even if you are facing foreclosure you might have an option you don't know about. If you live in your own home and have more equity than you owe, or if you own your house free and clear, you might consider an FHA Reverse Mortgage.

If you are anything like the couple I mentioned it might be time to look into an FHA Reverse Mortgage. It won't cost you anything to ask some questions and you might find the help you have been looking for.

Mark Allen Schmidt I work for Cherry Creek Mortgage Company and 1st Reverse Mortgage USA 720-206-4539 Colorado MLO# 100037582 NMLS 846014

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