MSN had an article and video on a woman and her family in financial crisis. Laurie Cook has been caught between a rock and a hard place. Her Mother has Alzheimers and her brother has significant medical problems as well. I had a client in St Louis with a similar situation.
They were facing foreclosure. The solution for my St Louis Client was a HUD HECM Reverse Mortgage. We stopped the foreclosure, paid off back taxes and set up a cash reserve to help pay the next couple of years taxes and condo fees. As a bonus they got to stop making mortgage payments as long as Mother was able to stay at home. This same approach might just work here as well. It is not perfect and only about 60-70 percent of people who want one are able to qualify for a reverse mortgage, in my experience.
If you know anyone in this type of situation there may be an alternative.
We can help!
website
www.columbusfinancialplanningpros.com
e-mail
polarisfinancialservices@gmail.com
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