Using A Reverse Mortgage To Avoid Foreclosure
As the fastest growing segment of our population, older adults are experiencing foreclosure, divorce, bankruptcy, and other unfortunate circumstances which create more financial pressures. It is important for legal professionals to understand how the reverse mortgage works and when it might be appropriate for estate planning purposes.
Franklin Funding has worked with attorneys and senior homeowners in the past on the following situations:
- Using a reverse mortgage to avoid foreclosure, allowing the senior homeowner to remain in their home with no further monthly mortgage payments.
- Using a reverse mortgage to generate the liquidity needed in financial settlement of divorce, without forcing the senior from the home or disturbing other assests that might generate income.
- Using a reverse mortgage for paying off consolidated, non-secured high interest debt or satisfy judgments or tax liens.
Franklin Funding’s principals have been involved in reverse mortgages since 1999, and given many CE accredited presentations to attorneys over the years.
If you would like more information about reverse mortgages or talk further about offering a CE accredited presentation to your group, please contact:
David Heilman, CRMP
Certified Reverse Mortgage Professional®
Vice President of Business Development
Franklin Funding, Inc.
(843) 762-2218 or toll free (800) 375-0351