Reverse Mortgage # 1 Article

Charlie Houssiere's Article Number One on Reverse Mortages and Foreclosure Prevention


Charlie Houssiere, Houston Business Show Advisor on Mortgage Issues, recently wrote an article on How Reverse Mortgages Can Prevent Foreclosures. That article recently showed up number one in a Google Blog Search. In it, houssiere wrote:
Now you can stop a foreclosure with a Reverse Mortgage, which is not hard money or balloon loan that someone is normally pressured to get when facing a foreclosure. But a reverse mortgage can serve as a lifeline that saves one who is in danger of losing their home to foreclosure in the case of seniors aged 62-plus. A lot of seniors live with fixed incomes and are struggling due to the high cost of living. Numerous seniors have been left with an impossible decision to make, due to the rising costs of everything, from food and gasoline to new medical expenses. Even some of the adjustable rate mortgage programs that some seniors have found themselves taking have been on the rise. Some seniors may have chosen this option because they were misinformed or because they felt it was their only way of maintaining a low monthly payment. How do they decide what do? Do they make their mortgage payment instead of buying food and medicine? As seniors realize they are near or entering foreclosure, they have additional stress related to these decisions. Now here is the good stuff! No income or credit qualification is required in reverse mortgages. This can mean that even though you may have fallen behind on your mortgage repayments and the lender has filed a default notice, it may be possible for you to get a new reverse mortgage and avoid making another payment for life. This may be just the thing to help you or a loved one live free from fear, as long as you meet all of the other reverse mortgage criteria. What exactly are the requirements for a reverse mortgage? For the HUD government-insured mortgage, a borrower must be at least aged 62. There are programs with lower age limits, but they tend to offer you a correspondingly lower percentage of your house's value. There are guidelines that HUD has decided upon that your property must meet, and it also must be a type of property that is accepted. Be sure to let your reverse mortgage lender know what type of property you have and if you are subject to a homeowner's association, if your zoning is not residential, or if your property contains excess acreage; single family residences, town homes, modular homes on permanent foundations, condominiums are all generally acceptable but there may be additional requirements if you have anything other than a single family detached home. While some repairs can have funds set aside until they’re completed, your property will be expected to be maintained in a reasonably well condition and require no major repairs. Actually, the sole credit requirement is that, where a federal obligation or a federally insured loan is concerned, borrowers cannot be in default. This means that if you are in default on an SBA loan, an FHA insured mortgage or other federal obligation; you would not be eligible for a reverse mortgage. So you can still receive a reverse mortgage if the present delinquent mortgage is an FHA loan but has not had a notice of default filed yet. It would be necessary that the borrower bring in funds to cure the default before the reverse mortgage could proceed once the notice of default has been filed. Those funds could be procured from any number of places such as family or close friends. The borrower will never have to make another payment for life once the reverse mortgage has been funded and finalized! In order that a reverse mortgage loan not be a four or five day loan, the borrower(s) must be counseled, the loan must be processed (including property appraisal,) and all title issues must be reviewed, including trusts, conservatorships, etc. If you are going to use a reverse mortgage to halt a foreclosure, you must start on this process as soon as possible. If you or a loved one decide to look into a reverse mortgage, be sure to contact a reverse mortgage specialist to ask questions and see if it is your best option. Charlie Houssiere, Mortgage Loan Credit Specialists with Secure Mortgage Company, specializes in helping to show his clients their hidden retirement account. If you are in Dallas, Texas please call (214) 682-8888 Now !!!