Those with reverse mortgages rest easy at night knowing they don’t have any house payments to make; but they may still experience hardships that make it difficult to make their property tax or home insurance payments. There is a new program offering additional relief to Reverse Mortgage borrowers.
A recent client of mine had been married less than 10 years when her husband passed away and his social security payments stopped. They were using his payments to cover their living expenses, taxes and insurance payments. He also left a substantial bill from the assisted living home that cared for him in his final months. She was being foreclosed on and losing her income stream (she lived in a 4-plex and rents out the other 3 apartments). She called our Reverse Mortgage Division and we were able to stop the foreclosure of her home, pay off the debt owed to the healthcare provider, substantially increase her income stream by eliminating her mortgage payments, and she also received a large sum of money to make improvements to her 4 –plex building and take a much needed vacation.
Sometimes financial hardships happen once someone already has a Reverse Mortgage and causes them to get seriously behind on tax and insurance payments. There is a new program in California that will provide up to $25,000 in loans to pay off any back property taxes and home insurance payments. As long as the loan payments are made on time for 2 years, this loan debt will be forgiven. There are some restrictions for this program including: income limits, one must have experienced a financial hardship, and be able to make the payments moving forward. Keep your Home California estimates there are 1,400 residents that would currently benefit from this program. Reverse Mortgage Solutions, the company that services our Reverse Mortgage clientele is currently enrolled in this program and more companies are enrolling every day. If you know someone that would benefit from this help, please forward this to them right away. For more information you may contact us directly at (877) 567-7476. www.Funds4Seniors.com