Mortgage Assistance

There are several options you may consider to reduce your mortgage payments. One would simply be to negotiate a new payment schedule with your current lender. You also may want to consider a refinance or other mortgage product that better fits your needs and budget.

Senior homeowners may want to think about a reverse mortgage. These are generally used when a consumer is in need of additional cash. This solution is available only to those at least 62 years of age. It enables seniors to convert the equity in their homes into a source of income (through a lump sum, monthly installments, a line of credit or any combination of these) without having to sell their residence. Repayment of the loan is not required until the borrower sells the home or dies. If the home is ever sold, the borrower may keep any remaining funds after repaying the loan to the reverse mortgage lender. If the borrower dies before the loan is repaid or the house is sold, arrangements can be made to have the reverse mortgage lender repaid without selling the home.

The reverse mortgage option should be carefully considered as the payments are made from the equity of your home, thereby diminishing your total available assets. You will need the assistance of a mortgage or banking professional to obtain a reverse mortgage and you’ll need sufficient equity in your home. You also will be responsible for expenses such as appraisal fees and closing costs to secure the loan. Our referral resources can help you with this process. Get in touch with one of our Certified Credit Counselors today to get started!