Maggie was 64 years of age, single and living in a home in Seattle that she had built in 1983. The property was valued at approximately $420,000. She had worked for many years as a caseworker with DSHS, and at one point had retired. However, she was forced to go back to work when a family member to whom she lent a large sum of money failed to re-pay her. This default started a chain of events that lead to the lender bringing a foreclosure proceeding against Maggie’s home. The amount that she owed was approximately $165,000.
HOW I WAS ABLE TO HELP MAGGIE:
Maggie was 10 days away from losing her home to a foreclosure sale when I first spoke with her. I was able to convince the lender to postpone that sale in order to give me an opportunity to complete a Reverse Mortgage for her. With the loan proceeds, we paid-off her existing mortgage and got the property out of foreclosure. I was also able to get her approximately $78,000 in cash proceeds. Part of these funds she used to have her home re-painted and re-carpeted, the rest she put into savings.
With the Reverse Mortgage in place, Maggie no longer had a monthly mortgage payment. This allowed her to cut-back on her work schedule. As long as she continues to live there as her primary residence, the obligation will not come due, and Maggie can never owe more than her home is worth!
Many senior homeowners are facing similar situations- these are the people that I can help!
Call me with your questions: 206-227-8282.
Disclaimer: The name of this senior borrower was changed in order to protect her privacy. However, all other information contained herein is true and accurate.
Phil Miller, a Senior Mortgage Advisor for 1st Reverse Mortgage USA in Bellevue, specializes in reverse mortgages. A native of Washington, he practiced law in the Seattle area for almost 27 years before going into the mortgage business.