If you have a mortgage, you have to meet the repayments on it, or you will risk losing your home. Should you get into difficulties, it is important that you speak to a mortgage advisor like Steve Buzzi immediately, before the problem escalates. Nobody wants to go through foreclosure, including banks, which is why there are solutions in place to help you. One of those is the reverse mortgage.
Some Things to Be Aware of
- Don’t delay. If there is a problem now, you have to think of a solution now. Don’t drag it out, because things will only get worse and more difficult to resolve. Accept that you are facing difficulties, and take steps to find a solution.
- Make sure the solution solves a problem long-term. Don’t think about opening a new credit card account or even taking out a payday loan just because that gives you a breathing space for a few days. Instead, consider a reverse mortgage, which can provide you with a long-term solution, so long as you qualify. This type of loan will enable you pay off a large part of your mortgage, but you only pay it once you move out or sell your home, which means you should have more disposable income.
- Reverse mortgages are generally not dependent on your income or credit status. This is why they are very popular with senior citizens. Indeed, the two main acceptance criteria are being over 62 and owning a (mortgaged) home. You won’t actually lose your home, since you will continue to be the owner of it, but you will agree to pay off the reverse mortgage once you sell up or pass away. Should, by then, your home be worth more than the reverse mortgage, then you will have a nest egg as well.
Are reverse mortgages for everybody? Absolutely not. Even if you meet the acceptance criteria, it may still not be the most appropriate solution for you. This is why it is so important that you enter discussions with people like Stephen Buzzi, since they can help you find out whether it is a solution for you, or whether something else would be better. What matters most, however, is that you don’t wait. Ignoring financial difficulties and an inability to pay your mortgage payments will lead you down the path of foreclosure, at which point you will have lost it all.
Besides the reverse mortgage, there are other potential solutions for you to consider as well. Again, speaking to someone like Stephen R Buzzi will help you find out what those solutions are, and what their individual pros and cons are as well. The light at the end of the tunnel is that there is help out there for you, and you don’t have to lose your home so long as you are open and honest and take action straight away. It is ok to admit that you are having difficulties, as that happens to the best of us.