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Real Estate
The Real Estate Adviser |
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March 6, 2008
The Real Estate Adviser: Reverse mortgage may be option to foreclosure
By Tom kelly
Special to the Journal
Special to the Journal
George A. Downey, a long-time reverse mortgage lender, walked into a seminar designed to help people explore creative financing alternatives in an attempt to avoid default and foreclosure.
“There were some older folks in the room, but nothing was ever offered about a reverse mortgage being a possibility,” Downey said. “The numbers have to work, but if they do, it can be a godsend for them. The current mortgage is paid off, they keep the house, and they have no future payments... ''
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Previous columns:
- The Real Estate Adviser: IRS allows personal use in tax-deferred exchanges, 02-28-2008
- The Real Estate Adviser: Should you pay off second-home loan?, 02-21-2008
- The Real Estate Adviser: Union members may get help on mortgage, 02-14-2008
- The Real Estate Editor: Military families may get mortgage help if they ask, 02-07-2008
- The Real Estate Adviser: List the home fixtures that you want to keep, 01-31-2008
- The Real Estate Adviser: Real estate IRAs give you checkbook control, 01-24-2008
- The Real Estate Adviser: Tap home equity without payments, 01-17-2008
- Watch for pitfalls when financing second home, 01-10-2008