Reverse Mortgages Help Cure Bad Loans

Reverse Mortgages Help Cure Bad Loans,

Using a home equity line of credit, David Casey and his wife Joyce made some much-needed improvements around their house. New carpet. Updated plumbing. But the credit line’s interest kept jumping, pushing their monthly payment to nearly $1,000 from $600.A $239,000 reverse mortgage from Generation Mortgage Co. rescued the retired couple from the adjustable-rate credit line and provided enough money to pay off the original mortgage with some left over.

Typically used to finance retirement or pay unexpected medical bills, the reverse mortgage now is helping some seniors escape tight spots created by risky mortgages and home equity lines of credit.

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Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on September 14th, 2007 with comments disabled.
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