Forclosures Have Met Their Match? Reverse Mortgages

Foreclosure filings were on 2 reported. 3 million U.S. homes in 2008, an increase of 81 percent from 2007 and up 225 percent from the year 2006, published by the RealtyTrac U.S. Foreclosure Market Report 15th January 2009. The increasing number of forclosure have sent waves through the housing and banking sector, with the impact felt by millions.

According to RealtyTrac, California, Florida, Arizona posted the highest foreclosure totals 2008th Total 523 624 California properties received a foreclosure filing in 2008, the nation’s highest state total. Foreclosure activity in the State, by almost 110 percent from 2007 and almost 498 percent over 2006. With 385,309 homes received a foreclosure filing in 2008, Florida documented the second highest state total. Florida foreclosure activity increased by 133 percent from 2007 and almost 412 percent over 2006. Arizona’s 2008 total of 116 911 homes received a foreclosure filing was third highest among the states. Foreclosure activity in Arizona rose from 2007 203 percent and 655 percent over 2006. Other states with Top 10, the rate for the year 2008, Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey.

With increasing job losses and a weakening economy, forclosure, mortgage defaults are expected to rise further. The nation’s unemployment rate shot at the end of the year and reached 7th 2 percent in December – its highest level since early 1993, after a Labor Department report 9th Release January 2009. That puts the U.S. lost jobs in second 6 million for 2008.

But with all this doom and gloom in the housing market there is a glimmer of hope for older homeowners 62 years and older. This hope comes in the form of a HUD Home Equity Conversion Mortgage (HECM) or reverse mortgage. Those who have obtained a reverse mortgage must not, with the rising prices and forclosure be affected, whether to make their mortgage payments. With a HECM reverse mortgage, there are no monthly payments required.

Borrowers remain in their homes for life and never worry about a mortgage payment again. All you have to do is always the property in good condition, pay their property taxes and keep their current pay and homeowners insurance.

For seniors who do not currently have a reverse mortgage, now may be the time to explore the option. It does not matter if a senior is currently late on their mortgage. You can qualify for a reverse mortgage. To enjoy all borrowers on title must be 62 years or older to occupy the property as their principal residence and not currently be in bankruptcy proceedings. That’s it!

MLS Reverse Mortgage has helped save several seniors who months ago were losing their homes.

So, in these difficult economic times, there is still hope for seniors looking for mortgage payment relief, or can pay to enjoy the pleasures of life.

Learn more online: http://www. mlsreversemortgage. com