The New HECM: Out of Foreclosure

Coma to Foreclosure to Security!

I just closed another reverse mortgage helping a couple out of foreclosure and stopping what seemed to be an endless journey of challenge.

Tom and Edith own a large home in CT and like many their age were carrying a traditional mortgage. Edith came down with a rare blood disease and was told if she lived, she would most likely never walk or speak again. She was transferred to a hospital in NY and eventually went into a coma for seven months. Miraculously she recovered, but the toll on their personal finances was tragic. They were behind on their mortgage and in active foreclosure.

A reverse mortgage uniquely met their needs as there are no credit or income requirements. Their home was worth $515,000. Using a reverse along with some discounted closing costs they were able to pay off their present mortgage eliminating the monthly payment; a $3600 swing in monthly expenses.

I love the reverse mortgage and the many possible uses from helping someone out of a financial problem to helping them plan for and protect their future.

Keep an eye out for my next video which will explore the use of reverse mortgages in long term care preparation.

1-800-497-5235

Bob Tranchell

Director of Reverse Mortgages

My professional career has always centered on improving the lives of those I come in contact with. I spent 18 years in the ministry-many of them overseas in developing nations, and have been instrumental in building orphanages and programs serving orphans and seniors. I have a passion for my work because I have seen time and time again how home equity management allows my clients the quality of life, security, and stability they deserve.

If you or someone you know wishes to explore reverse mortgage options as a tool for providing financial security, please contact me and we can set up a meeting. It is my pleasure to serve you and those you care about.

Sincerely,