How a Reverse Mortgage Saved a Florida Man's Home

1/20/2009

posted by N. Sioris

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In 2008 just under 120,000 FHA insured HECM reverse mortgages were closed in the U.S. With each passing year the number of new reverse mortgages has increased. The reasons that someone decides to take out this type of loan are varied. However, one of the reasons that is occurring more frequently is to save a senior citizens' home from foreclosure. The financial mess that our country is mired in today is unprecedented and is particularly harsh for many individuals on fixed incomes.

The video below is one Florida man's personal story. But unfortunately it is a story that has become more common-place in recent months. Luckily, for those that are informed about reverse mortgages and have equity in their homes, they have a tool whereby many can save their homes and live without the stress of a looming foreclosure.

"Jack The Bike Man" is a 67 year old retiree who is known and loved throughout his Florida neighborhood for the bike charity that he runs. He makes no money from his charity work and lives on Social Security income. After his mortgage payment nearly doubled last year, he found himself unable to keep up with his house payments.

View the video below to see his story and how a reverse mortgage rescued him from the brink of foreclosure.