Reverse Mortgage Saves Homes from Tax Auctions

201003291007.jpgTax Collector Jane Berendsen-Hill told the Ridgefield Press that two homeowneers were able to save their homes after they were auctioned in the town’s tax sale by using a reverse mortgage.

“They stayed in the ownership of the original owners and we got the taxes,” she said to the Board of Finance. The news was met with some applause from the small group attending the meeting said the Ridgfield Press.

According to the press, the homeowners had six months form the date of the auction to pay off the debts in order to keep the houses. Ms. Berendsen-Hill said at the time that the tax auction was a necessary part of enforcement but she was hopeful the homeowners could keep the homes. All of the homes were several years delinquent on town taxes.

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“We still have people who are very delinquent but not near the first group [in the tax sale],” Ms. Berendsen-Hill said. “I’m not going after anyone who is coming in and making an honest effort, no matter how meager, to make payments and catch up. I think that is the only reasonable thing to do at this time.”

Three whose houses were auctioned still have their homes

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  • Admin,

    What a great story!!!

    This is the kind of positive press that the new positive media marketing group at NRMLA needs to pick up on and amplify.

  • There many ways the reverse mortgage has helped seniors. We have been very sucessful negotiating principle reductions and paying this off with the proceeds of the reverse mortgage. We have helped many senior save their homes from foreclosurethis way. I know other reverse mortgage originators that have had similar sucess. NRMLA should survey loan officers and find out the different and unique ways reverse mortgages have helped seniors. Testimonials are a powerful marketing tool.

    • gciungan,

      While stories from our prospective are many times more direct, and accurate, they are also less credible. Testimonies told by third parties like the tax collector above are far more attractive, powerful, and effective. I look forward to the new NRMLA campaign and hope they use stories like this one. We cannot buy advertising this good.

  • NRMLA continually asks our members for “real life” stories of borrowers' experiences with RMs. The truth is only a handful of actually folks take the time to write-up the cases, obtain permission from the client and send them in. Putting a “human face” on the topic makes a big difference in the coverage we generate, so we encourage all RMD to send us your stories, with as much detail about the client's circumstances as possible. They should be sent to our SVP for Communications & Marketing at mbell@dworbell.com.

  • NRMLA continually asks our members for “real life” stories of borrowers’ experiences with RMs. The truth is only a handful of actually folks take the time to write-up the cases, obtain permission from the client and send them in. Putting a “human face” on the topic makes a big difference in the coverage we generate, so we encourage all RMD to send us your stories, with as much detail about the client’s circumstances as possible. They should be sent to our SVP for Communications & Marketing at mbell@dworbell.com.

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