Reverse Mortgage Guide

Fidelity Reverse Mortgage, a reverse mortgage company headquartered in Denver, Colorado, has announced a foreclosure relief program under which it will waive certain costs for qualified borrowers facing foreclosure.

“Under our relief program,” said David Miner, Chief Executive Officer of Fidelity Reverse, “Fidelity will identify a senior homeowner to be reimbursed for some of the costs associated with their obtaining a reverse mortgage, such as origination, counseling and appraisal fee. To qualify a senior homeowner must have completed a reverse mortgage loan with Fidelity. This will allow them to maximize the financial benefits available under this unique reverse mortgage program. Additionally we are partnering with a title company who will work with us to reimburse the cost of the title policy.”

“Nationwide, lenders have filed foreclosure related documents against over 600,000 homes during the first 3 months of this year,” according to the company.

The company is on to a good idea. There’s little doubt that the toxic mortgage mess is not finished, and also no doubt that little is being done in Washington to resolve the foreclosure issue.

For seniors facing foreclosure it’s important to act quickly. If you have missed a mortgage payment please contact an attorney in your jurisdiction to determine your rights. Do this immediately. As to reverse mortgages, compare rates and terms and get independent advice from an attorney who specializes in elder law before signing any paperwork.

This entry was posted on Thursday, June 5th, 2008 at 12:28 am and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.