September 16th, 2011 11:58 AM by Juan Luis Rodriguez-Kohly
Many families and counselors that once opposed having their parents do a Reverse Mortgage, are now re-considering the possibility that a Reverse Mortgage might be a solution to their quality of life.
1) now there is far more knowledge of the Reverse Mortgage and how it works. Many now know that the Senior does NOT loose the home.
2) many that were formerly helping or planning to help their parents, find themselves in difficult financial position and unable to help.
3) many thought they would be loosing their inheritance.
I am a Senior with a Reverse Mortgage on my home for several years now,
It make me very sad when persons that once refused to consider it, now call find that home values have come down so much, that now the amount that they could received from a Reverse Mortgage, is not sufficient to pay off the present regular mortgage.
Many of those persons are now even loosing their homes in foreclosure.Not only values have gone down, but the amount a borrower can receive from a Reverse Mortgage has been reduced repeatedly by HUD. So it is a double dip in the last few years.
October 1st, 2011 is the date in which HUD wil make changes to the Program. Reductions are expected. Any borrowers that applies for and is Counseled before that date, can choose to keep the old Program if it is more convenient. Don't waste time. Call today. 7 days a week.
Your comments will be appreciated. Post here or send them to RodKohly@Access4less.net For most answers call me at 786-262-6486 or visit http://HappySeniorHomeOwners.com (English-Español). To tell a friend visit http://www.happyseniorhomeowners.com/tellfriend.aspx