With thousands of consumers considering a reverse mortgage every month, there is a need for competent professional advisors who understand the pros and cons of the Reverse Mortgage Program and can explain the program to their senior clients. Even though the Reverse Mortgage Program is an excellent, safe process for seniors to provide for their future, it is not for everyone. Many people turn to attorneys or accountants for advice about reverse mortgages. If the professionals are not fully informed, they may provide misinformed advice. By learning about reverse mortgages you can provide superior service to your clients and help your clients remain in their own homes.
Richard Wills is the CEO of Retirement Life Funding. He is a former Law Professor at the National Law Center, George Washington University, and has more than three decades of experience as a bankruptcy attorney. He has also conducted numerous seminars on bankruptcy, foreclosures, and reverse mortgages through MICPEL, State Bar Associations, and various Political and Business organizations.
Richard Wills and the Reverse Mortgage Specialists at Retirement Life Funding can work with you and your clients throughout the bankruptcy process.
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Use a reverse mortgage to allow a potential client that otherwise would not be eligible to file a Chapter 13
If a senior client wishes to file a Chapter 13 but is unable to qualify because they cannot pay off existing debts, you could file a Chapter 13 based upon refinancing through a reverse mortgage. Because a reverse mortgage does not have any credit score, income, asset, or payment history requirements, refinancing using a reverse mortgage may allow this client to file a Chapter 13. By using the reverse mortgage and filing a Chapter 13 your senior client is able to eliminate their debt and remain in their home. Richard Wills, who has over 30 years of bankruptcy practice experience, and his associates can work closely with you throughout the bankruptcy process.
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Use a reverse mortgage to stop a foreclosure
If a senior client has fallen behind on their mortgage payments and faces the possibility of foreclosure, you could negotiate with the mortgage company to allow your senior client to refinance using a reverse mortgage. Unlike refinancing through a conventional mortgage, with a reverse mortgage there are no credit score, income, asset, or payment history requirements that preclude refinancing a home in foreclosure with a reverse mortgage. By refinancing with a reverse mortgage, your senior client could pay off their existing mortgage, eliminate their monthly mortgage payment, and save their home. If negotiations fail, you could use the reverse mortgage to fund a Chapter 13. Retirement Life Funding would work with you throughout the negotiations by supplying any and all information about reverse mortgages to you or the mortgage company.
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Use a reverse mortgage to cure a Motion for Relief from Stay or a Chapter 13 Trustee’s Motion to Dismiss for Failure to Make Payments Under the Plan
Everyone who has practiced Chapter 13 law knows how difficult it can be to work on Motions for Relief and Motions to Dismiss where the debtors are faced with losing their home. If your senior client is eligible for a reverse mortgage, this could be a simple and efficient way to resolve these problems. Richard Wills can work with you and provide information for the Motion to Refinance and Answers to the Motion for Relief and Dismissal.
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Use a reverse mortgage for other financial negotiations
If you have senior clients where bankruptcy might not be their best option or who simply do not want to file bankruptcy, you could consider using a reverse mortgage as a tool for resolving their financial problems. You could use the proceeds from a reverse mortgage to fund negotiations to pay off credit card or other debt at 50-70 cents on the dollar. By using a reverse mortgage, your senior client will have a much more secure financial future with no mortgage or credit card payments to make.
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Use a reverse mortgage to complete funding of a Chapter 13 Plan early
Think of how nice it would be to have a 60 month Chapter 13 plan completed in 36 months. Your client would be out from under the Bankruptcy restrictions years early.
