Notify your reverse mortgage lender immediately if your home is in foreclosure and the application and approval process can be finalized in two weeks.
No Credit Hassle with a Reverse Mortgage
There are no credit requirements when being approved for a reverse mortgage. Homes that are in a foreclosure can be pushed through the process in order to be finalized before this legal action has been completed. Seniors with poor credit and even bankruptcy can enjoy the benefits of cashing out a portion of their home’s equity. Consumers in an active bankruptcy cannot enter into this type of mortgage until the case has been discharged. As soon as the discharge comes through, the reverse mortgage application process may begin. The reverse mortgage loan takes between 4-6 weeks for its final completion.
Saving Your Home with a Reverse Mortgage
A portion of the funds received from a reverse mortgage agreement must pay off the past due amount that initiated the foreclosure. Any liens or judgments must also be paid while leaving enough money in the equity account to fund the loan. Homes that are mortgage free or one that carries a small balance offer the most money that can be reversed to the homeowners. This type of mortgage option is saving many senior borrowers from losing their homes.
Reverse Mortgage Assistance
At the age of 62, most individuals are looking forward to giving up work and settling into the next phase in their life, retirement. In today’s economy, stocks, pensions, and IRAs have taken hard hits, leaving consumers in troubled waters. Retirees do not have the years to wait and hope that the economy will bounce back. They are taking financial matters in their own hands and gathering information to improve their financial future with the assistance of a reverse mortgage.
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