Reverse Mortgages and Property Taxes [mortgage-answer.blogspot.com]
Vera Gibbons spoke with Julie Chen about when is a good time for a reverse mortgage and what to look out for.
mortgage-answer.blogspot.com Reverse Mortgage Tips
I just read another article that was using the fact that if you get a reverse mortgage and then not paying your taxes, then you could lose your home. Really, though I am not yet old enough to get a reverse mortgage so I sometimes have a conventional mortgage before and guess what, if I do not pay my taxes, I will lose my house too. If you are lucky enough to be like my neighbor and your house is paid, but you do not pay your property taxes, then you also lose your home.
It's interesting that these large media companies allow their authors to get away with poor facts in their stories. So yes, it is true if you have a reverse mortgage and not pay your property taxes, the government can take your house, but it's nothing different or unique to a reverse mortgage, which is the country where we live I wonder if these great reporters to realize how many people they have lost their homes because they fear for seniors to do a reverse mortgage a year or two ago now elderly person is trapped in a conventional mortgage they can no longer afford to make payments. We see this every day, in fact, we have a senior in Pennsylvania now that we said they would do this two years ago, but all the negative press convinced to wait, and well Now their house is down in prices and margins have increased due to the bad economy and for them to do the reverse mortgage, they must come with about $ 60,000 to close their old mortgage.This type of situation is a common for us to see in the industry and it is painful to see these older people that we could have helped if they had taken action a year or two ago.
We had a client waiting a few weeks because some family members wanted to think about it and it caused the borrower to obtain approximately $ 15,000 less because interest rates rose.To each of you want to be benefactors, locked if you do not know what you're talking! Learn the facts before writing your next article an d if a family member just ask you two questions, first do you really know the situation of financial advice you too? Second, if you were in their shoes what would you do?
The reverse mortgage is just another financial tool, nothing more or less. It is not bad and people who simply are not crooks, how many seniors did you help save their homes this year? I have helped over 200 seniors stay out of foreclosure this year and live a better life. Find More Reverse Mortgages and Property Taxes Issues
