Reverse Mortgage Could Ease Pain For Bernie Madoff Victims

2/20/2009

posted by N. Sioris

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Each day that goes by we hear more tragic stories of those that have been vicimized by Bernard Madoff - and his $50 Billion Ponzi Scheme that he allegedly mastermined.

The video clip below is one such heartbreaking tale of Ian and Terry Thiermann from California. They lost their entire life savings of seven hundred thousand dollars. Now at age 90, Ian Thiermann has been forced to go back to work. Fortunately, a neighborhood grocery store "created" a job for him as a greeter.


Could A Reverse Mortgage Help Them?

In the video clip you will hear that he and his wife still have a mortgage. With their sudden loss of fortune, one wonders if they have thought about the possibility of taking out a reverse mortgage. A reverse mortgage loan would eliminate their current mortgage balance and leave them mortgage payment free for as long as one or both of them continue to live in their home.

I hope they decide to consider a reverse mortgage as partial help with their monthly budget. It could relieve some financial stress.