Saint Augustine, Florida (PressExposure) April 13, 2009 -- With this dramatic increase in the number of bank foreclosures and more and more seniors unable to work with lenders to work out a plan to remain in their homes their has been a major increase in the number of seniors contacting Reverse Mortgage companies to see if they can be helped. The first thing for seniors to realize is not to wait until there is no way out of the problem, time is of the essence.
Most people who receive the notice are taking a wait and see attitude this is the wrong thing to do, they must take an active stance and contact their lender to discuss options. After contacting their current lender the very next thing for a senior who knows that they are in trouble is to contact a professional in the Reverse Mortgage company who knows how to work with lenders to achieve a final resolution.
More and more seniors are not taking the first steps and by waiting they are creating a worst problem, because the cost, interest and penalties are adding up quickly! The time to act is in the beginning when the cost are lower and there is time to get all of the necessary steps of a Reverse Mortgage complete. If a senior works with someone who is knowledgeable they can save their home from the auction block, remember lenders today have rules they must follow and by contacting them at the start will make them realize that you are working hard to get them some kind of payoff by doing a Reverse Mortgage which is a Federally Insured Loan and the last thing that a traditional lender needs in these troubled times is publicity and to known as the lender who does not want to help seniors in these troubled times. Remember one thing that is really important a Reverse Mortgage will allow you to remain in your home for the balance of your life without ever making a mortgage payment at anytime all you will have to do is pay real estate taxes and insurance and then enjoy your life.