How a reverse mortgage helped an 84-year-old retired schoolteacher purchase a home even with horrible credit. She needed to sell her existing larger home so she could move closer to her grandchildren and save the expense of a large home.
Many seniors try to help their adult children by cosigning credit accounts with them. Unfortunately, many times those children don’t make the payments and ruin the credit of their parents. When that happens seniors have few if any alternatives for a mortgage. This wonderful lady could not get a regular mortgage even with a huge down payment because her credit score was too low. She thought that she would have to rent. After reviewing her information, I was able to help her purchase her new home just in time for the holidays. She can now live in her new home for as long as she wants without having to make any mortgage payments. We even set aside payment for her taxes and insurance. She can now live her life with less stress.
At Service First Mortgage I am able to assist clients even with horrible credit purchase a home utilizing a reverse mortgage.
You may have heard the uninformed talk about how bad reverse mortgages (HECM) are. Fortunately for many, reverse mortgages are essential. Even for seniors that have great credit, a reverse mortgage might be a wise choice. For borrowers not using all of the available credit, a line of credit can be established. This line of credit grows at a guaranteed rate much higher than a current traditional bank account, savings account or CDs. Use the line of credit when you want or never, it is always there as a safety net.
Borrowers can also tap into equity to help pay for in-home medical care and to defer the cost of taxes on income earned from taking withdraws from taxable income sources such as annuities or mutual fund accounts.
Richard Woodward, NMLS 217454
Service First Mortgage NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice. The views expressed on this site are those of the individual author and do not necessarily reflect the positions, strategies or opinions of Service First Mortgage or its affiliates.