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At The Eleventh Hour… Reverse Mortgage Used To Save MN Senior’s Home

April 1, 2014

The Reverse Mortgage can still help save homes from foreclosure.

Beth's Reverse Mortgage Blog

We need a reverse mortgage The call came it at 5:00 p.m. on a Wednesday afternoon, “We’re in foreclosure, the redemption period ends in three weeks.  We need a reverse mortgage.”  Ken and Mary, in their 60’s, were in a tight spot and about to lose their home if we couldn’t get the reverse mortgage application taken, processed, closed and funded within the three weeks to the date of the late afternoon phone call.  There were no exceptions to getting an extension of the redemption period.

Being from a smaller town, they hadn’t heard about reverse mortgages previously until they were visiting relatives in another state and heard them advertised.  When back in Minnesota they looked up reverse mortgages and found their way to us.  After an initial two-hour conversation explaining the details and terms of  the HUD insured Home Equity Conversion Mortgage (or HECM) they decided to proceed knowing their only option to save…

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One Comment leave one →
  1. April 1, 2014 12:14 pm

    Nice job, Beth! Experience really counts in this business…. if this borrower went to a call center/boiler-room phone operation loan originator, the loan would have taken 45-60 days to close. Lucky for the borrower that they picked you!

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