I received a call from a real estate agent who had asked me if I could help her 83 year-old widowed aunt who faced foreclosure. She had a tax sale date two months away for $84,000. Aunt Diane’s house was worth $2 million dollars but her fixed income was too low to qualify for a traditional loan and her family did not have the financial resources to help. Aunt Diane was competent, but had health issues due to complications from hip surgery, her paperwork was not very organized and when she experinced financial trouble she was too proud to tell her family that she was behind on her taxes and living without insurance or gas for heat.
West-Cal Mortgage Reverse attained a contractor that did minor home repairs and waited till the loan closed for payment. This arrangement help Aunt Diane become qualified and approved with a week to spare. The lender held an escrow so that property taxes and insurance were funded for the next 20 years and there was money at closing to modernize her heating and air conditioning. In addition, funds where available to increase her monthly income and guarantee that she would age with dignity in her home.
These are real stories about people like you who have benefited from a mortgage program designed by Marc Gertz. Only their names have been changed or omitted.