We've been able to help many seniors with their medical bills, long term health care, paying off mortgages. But can a Reverse Mortgage help when the homeowner owes more than the property is worth? Sometimes it can! Here's a recent example:
We were approached by a couple in their sixties. He had been out of work for over two years, and then his wife developed lymphatic cancer. In their desperation, they were talked into a "sub-prime" mortgage, which was subsequently sold, re-sold, and then sold again. Their variable interest rate doubled, and the owners were facing immediate foreclosure. They didn't want to lose their home, and the bank didn't want a foreclosed property. The WSB Reverse Mortgage provided a win-win opportunity.
With our assistance, the bank soon realized it would be in its best interest reduce the balance owed to a level that would permit this senior couple to pay off their loan with a Reverse Mortgage... and it worked!
The bank avoided foreclosure on the property, and the senior couple is now able to live securely for the rest of their lives, with no further mortgage payments... ever!
Ed Wood,
Loan Officer
WSB Mortgage Services, Inc.
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