A by-product of our economic downturn has been a title wave of foreclosures. California, Florida, Arizona, and my home state of Nevada head up this dubious list. Several other states are not far behind. Last year (2009) was the highest year ever recorded for foreclosures. While we have witnessed a partial recovery in the stock market and many financial indicators now suggest that we are at or near a bottom, rising unemployment and continuing weakness in the overall economy will push foreclosures even higher in 2010.
It is especially troubling that an increasing number of homeowners facing foreclosure are our seniors. What is even more troubling is that many senior homeowners facing foreclosure are totally unaware of a potential solution.
So, in the mire there is a ray of hope for some senior homeowners in or near foreclosure. That ray of hope is the reverse mortgage. Senior homeowners who have a reverse mortgage need never be concerned about foreclosure or whether or not they will always be able to meet their monthly mortgage obligation. They need not worry because those with a reverse mortgage have no monthly mortgage payment.
Those with a reverse mortgage can remain in their homes for the remainder of their lives. They only need to keep up the house, pay their property taxes, and home insurance.
If you or someone you know is in foreclosure, nearing foreclosure, or just behind in their mortgage payment, you should know that the “ray of hope” is still available. To qualify, homeowners must be over 61, reside in the home, and cannot currently be in bankruptcy.
So, if you or someone you care about needs to consult with an expert, suggest the Reverse Mortgage Coach.
