Last month I received a call from a borrower in Redwood City whose parents had recently passed away. They had a reverse mortgage and he was given only a few months to pay this off or lose the house. Needless to say, this was a stressful time for the caller.
Because of credit issues created by many medical expenses, the borrower did not qualify for a conventional loan. One of his friends had done business with me in the past and suggested he call our office.
By the time we received the call, we had only a couple of weeks before the house would go into foreclosure. Our office was able to acquire all the necessary documentation needed for the loan, obtain approval, get it funded and closed.
The loan amount needed was $600,000 which was about 70% loan to value. The borrowers were able to pay off the reverse mortgage, all the existing medical debts as well as other debts that had negatively impacted their credit. All their financial