HW Media connects and informs decision makers across the housing economy. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Moving the Housing Market Forward.
NewsReverse Mortgage

Banks Work Together to Save Senior’s Home

NewImage.jpgWill a little positive reverse mortgage news help brighten your day?  If so, check out the article from the OC Register.

The 77 year old Gilma Gurdon was about to lose her home to foreclosure after she was no longer able to pay her mortgage from GMAC.  There was equity in the home, so Gurdon turned to a reverse mortgage and Bank of America tried to help her out.

Even after bank of America was willing to cut their fees for her loan, she was still $1,600 shy of being able to close.  According to the article, GMAC wasn’t cooperating.

Want to hear how it ended? Check it out.

Happy ending: Senior won’t lose home