Reverse Mortgage Modification

Huh! What's a reverse mortgage modification? Yeah, I know it's not something you've heard about before. But after I grilled a local Reverse Mortgage specialist with a major lender we both kind of stumbled upon this idea.

Here's how it goes. Your parents have a mortgage on their home for say $300,000 and the value is about $450,000 and because they're now on Social Security and have a little pension money coming in they are barely squeaking by. Unfortunately you (the kids) are having to shell out hundreds or thousands every month to your elderly parents simply because they won't be able to eat if you don't. Maybe you're paying their mortgage or utilities or buying them groceries. Isn't it funny how things come back around?

Anyway, how would you like it if mom and dad had no mortgage payment at all?

But wait a minute, Reverse Mortgages are very conservative and are not going to give you the total amount you need to cover their entire outstanding loan. Also, all lenders that I know of will never give mom and dad a second loan for the balance that's not covered by the Reverse Mortgage. So, a regular reverse mortgage is simply not an option. This is where my Reverse Mortgage Modification comes into play. I'm not going to spill the beans of how it works here but if you would like to know more, feel free to call me directly.
Anthony Nitz
800-765-3150 x111