Waterford, MI (PressExposure) September 05, 2008 -- Ted Lewicki recently attended a meeting to discuss options for distressed homeowners in foreclosure or pre-foreclosure. He talked about one of his recent customers, a senior living on a very limited income, where her mortgage payment took a big chunk of her monthly income. âSeniors who are 62 and over, and have equity in their homes, can qualify for a reverse mortgage, to pay off the debt,â Ted explained. âWith a reverse mortgage, they donât have a monthly mortgage payment and the debt is not due until they pass away or move out of the home.â
Ted went on to explain further details of the reverse mortgage, where the senior owns the home, with no mortgage payment. They do have to maintain adequate insurance on the home and pay the property taxes. They are also responsible for the upkeep of the home. The reverse mortgage amount one can receive is based on the equity in the home and the age of the senior.
Credit is not an issue; however, the senior cannot qualify if they owe the federal government money, unless the proceeds pay off the debt. This was the case with a recent client. âShe owed the IRS in the neighborhood of $30,000,â said Lewicki. âI reviewed her financial situation and was able to get her qualified for a reverse mortgage allowing her to pay off the mortgage to her existing lender and $5,000 to the IRS. After some negotiation, the IRS accepted a reduced payoff of $5,000.
My client can live in her home for the rest of her life, with no mortgage payments and no outstanding $30,000 debt to the IRS. She has peace of mind now; she can enjoy retirement, spend time with family and loved ones and have some financial stability,â Ted concluded.
As the meeting concluded, Ralph Maupin, of the National Real Estate Network, stood up and presented Ted Lewicki with a Certificate of Appreciation, from a local group of homeowners who were able to keep their homes, thanks to Ted. Ted graciously accepted and said, âDuring these tough times and alarmingly high foreclosures, I find it very rewarding to be able to help people keep their homes, while negotiating a win-win solution for all parties involved, including the lenders and other debtors who hold liens on the property.â
Ted Lewicki of Pillar Financial Corporation, offers a variety of unique financial packages for consumers with special individual needs, including a senior care package, family care package, reverse mortgages, conventional mortgages and more. With over 20 years in the mortgage business, Ted has been a member of the Better Business Bureau, with no reported complaints. âI have built my reputation on honesty and trust â backed by sincerity, dedication, and plain old hard work. I would be happy to help you define and achieve your financial goals,â says Lewicki. For Mortgage and financial needs: http://www.pillarmortgage.com/
Contact: Ted Lewicki Pillar Financial Corporation 3129 Dixie Hwy Waterford, MI 48328 Phone: 248-674-8171 Email: firstname.lastname@example.org Website: http://www.pillarmortgage.com/ This press release was submitted by Right Now Marketing Group, LLC