Company News

Sucess Story 9-29-2017

September 29th, 2017 10:55 AM by Andrew Liu, President NMLS#249736

To recap my previous story, I have been assisting an elderly couple, who decided that they wanted to begin the process of a reverse mortgage. However, they had too much debt that their new reverse mortgage amount would not be sufficient to pay off their past debt.

I visited them a few times, and understood their valuable situation. To help them, I tried to negotiate with their first and second lenders, to see if they would be willing to provide some credits to cover the debt. After some back and forth, the second lender agreed to provide some credits. However, the first lender was unwilling to cooperate, so even with credit from the second lender. The debt they owe still exceeds the amount of the reverse mortgage loan.

Awfully enough, the first lender threatened to foreclose my client's home because of the overdue mortgage payments.I'd hate to see this elderly couple become homeless. I decided to use my commission to help close the gap. After receiving the reverse mortgage, my clients are in better financial shape; since they no longer have to make payments on their mortgage, property tax or homeowners insurance. they can now finally enjoy the rest of their lives without the fear of losing their home or stressing to make ends meet.

After months of working on this reverse mortgage, I made very little money, which wont justify the time I have spent on this case. However, knowing I have helped someone in need, makes it all rewarding.
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Posted by Andrew Liu, President NMLS#249736 on September 29th, 2017 10:55 AM