Some may recall that a few weeks ago I sounded the alarm for the wave of HELOC (Home Equity Line of Credit) resets that will astound and dismay millions of HELOC borrowers. These resets are budget busters that will cause many homeowners to sell or endure the foreclosure process. These consequences are not a “maybe.” They will occur and that will not be good for our housing rebound. Please review that looming catastrophe here: http://reversemortgagewithbob.
A Washington Post writer warned of this impending crisis back in November 2013: http://www.washingtonpost.com/
For many HELOC borrowers 62 and over there is a solution that pays off the HELOC and eliminates all payments. It can also establish a growing line of credit guaranteed by the US Government that can never be restricted or limited in any way, no matter what happens to the property value. In 30 years of helping people with financial matters I have never seen anything like this. Please call me to get the facts. I am available to present this amazing financial tool to you, your group or your office.
Realtors and Builders…..please don’t forget about our HECM for Purchase Program. Call me to learn how your buyers can own much more home for a fraction of the price and never have a mortgage payment. No kidding!