It occurred to me that for people that have lost their jobs but have a mortgage payment on their home, should consider refinancing into a Reverse loan. It’s the ideal solution for anyone that is 62 years of age or older and has a mortgage payment to make each month but are now unable to do so because they have lost their job.
As long as they have enough equity in the property this could relieve them of the worry about how to make the mortgage payment and protect what little savings they still may have. With a Reverse loan, there aren’t any payments and there are no prepayment penalties, either. Making it very easy to prepay it when you have extra money or become employed again.
Unlike a traditional loan, the borrower doesn’t have to qualify for it using their “income” or credit…just be at least age 62. As a matter of fact, they can even be in foreclosure and still qualify for the federal loan program. And isn’t that good news?
And if the borrower finds employment, they can always pay the interest that is due on the loan each month, keeping the loan balance from growing. But if they don’t have the money, they don’t need to be obligated to make any mortgage payments and continue to live in their home without any worries.
The fear of losing your home has suddenly disappeared! It’s one less thing to concerned about while looking for employment. And the best part is, is how easy it is to be approved.
The title will always be in the name of the borrower; the lender NEVER takes the property back at the end of the loan. And the “end”? There is no loan term. The loan is in effect as long as you live and occupy the property.
Here’s the perfect answer to solve one large fear of being unemployed and more people should be open to it. Don’t waste time, get the correct information and see if this would help. No one wants to lose their home and they shouldn’t have to if the are age 62.