Avoid Foreclosure: Reverse Mortgage Saves Philadelphia Womans Home

Avoid Foreclosure using a Reverse Mortgage: Mrs. Smith has lived in her Philadelphia home for more than 30 years. She raised three children in the home, worked and payed property taxes. But the last few years for Mrs. Smith have been hard. Unable to keep up with property taxes, energy bills, and the high cost of medication she ended up in bankruptcy.

Just weeks before foreclosure Mrs. Smith granddaughter contacted me to find out is a reverse mortgage could help. I'm happy to report that we were able to save Mrs. Smiths home from foreclosure just in the nick of time.

Many seniors are suffering silently and losing their homes to foreclosure because the do not realize that they can use the funds from a reverse mortgage to save the home from foreclosure. Here are 6 easy steps to getting a reverse mortgage and keeping your home from sheriff sale.

1. Discuss Your Situation With Me Today

The first step is to learn about reverse mortgages. They're unlike any other mortgage you've had before, but they can provide a lot of financial flexibility even while allowing you to live in and keep your home.

Besides reviewing the material on my website, one of the best ways to learn what you need to know about reverse mortgages is to simply give me a call 610-717-2879. I'll be glad to help you understand the loan and answer any questions you have.

2. Get Financial Counseling

To ensure that you understand the loan, independent third-party counseling is highly recommended (for some types of reverse mortgages, it's required). This is usually provided by a HUD-approved nonprofit agency, and often it can be done over the phone. The counselor will explain your options and your eligibility. I'll provide a list of counselors that you'll be able to select from.

And of course you can consult with me at any time.

3. Apply for Your Reverse Mortgage

You can apply for a reverse mortgage with me by using a special reverse mortgage application that I can provide (or I can take your application over the phone Call me at 610-717-2879). I'll help you to determine the right option to meet your needs, and I'll gather the necessary documentation, such as Social Security number verification and property information.

4. Loan Processing & Underwriting

As part of your loan application, I'll order title work and an appraisal for your home. In some cases, a home inspection may be required. When all the necessary information is gathered, your loan will be submitted for approval.

5. Loan Closing & Disbursement

Your loan will be scheduled for closing, and final figures will be prepared. You'll have three days after closing in which you can cancel the loan, if you wish. After that, you'll have access to the funds from your reverse mortgage, according to the disbursement option you selected.

6. Repayment

As long as your property remains your principal residence, you'll never have to make a monthly mortgage payment. Instead, you'll be able to access funds from your home through the payment option you selected.

The loan can be paid off by the borrower or the borrower's estate, typically with proceeds from the sale of the home (although a home sale is not required). The repayment option cannot exceed the home's market value.

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