My New Blog

Every day, more people are faced with the reality of foreclosure.  Many are not sure of the options, that are available to them so the do nothing.  To do nothing shouldn't be one of your chooses.  The following is some of the potential solutions to your problem:

1.  Refinancing the loan.

2.  Negotiating a modification of the loan with the Lender.

3.  Listing the home through a Real Estate agent for a possible "short sale".

4.  Selling the home to an investor.

5.  Declaring bankruptcy.

These are some of the actions that have been offered as possible actions by someone facing a foreclosure.  Don't choose to do nothing, talk to someone to help you determine the best option for your specific situation.

Senior homeowners, who have build up equity and have a need for extra income to help fund their retirement, now can get those fund from their home.

An increasingly common practice for senior over the of 62 is to obtain a reverse mortgage (also known as a HECM, home equity conversion mortgage), which gives homeowner another way to help fund their retirement needs.

Reverse mortgage may be good option to consider for some people. The following are some things to consider;

1. Reverse mortgage candidates must be over 62 and have significant equity in their property. Only available on their primary residence.

2. They are required to attend a 45 minute counseling session with HUD (Housing and Urban Development) approved counselor.

3. The money from Reverse mortgage can be paid to you in different ways; lump sum cash, monthly loan advance or as a line of credit to use as needed.

Is this a good thing or another potenial problem?