|
Reverse Mortgage Allows Senior To Avoid Eviction
By James Comtois
MELVILLE, NY-Reverse mortgage provider Senior Lending Network, a program of World Alliance Financial Corp., recently offered a loan to a 72-year-old woman that saved her home from foreclosure.
According to the company, Detroit resident Rubie Curl-Pinkins came to the Senior Lending Network for a reverse mortgage to save her from eviction after the bank that owned her mortgage began proceedings to foreclose on her home.
Ms. Curl-Pinkins and her husband lived in their home, located a few blocks from the Motown Museum, for 45 years. For 29 years, Ms. Curl-Pinkins was employed at Henry Ford Hospital. Her failing health along with medical problems relating to one of her children created mounting healthcare bills that caused her to fall behind in her home payments.
In August, Ms. Curl-Pinkins faced eviction and crowds protested outside the financial institution holding her loan.
"The situation has now been resolved and Senior Lending Network is proud to have been able to provide the support necessary to keep Ms. Curl-Pinkins in her family home," stated David Peskin, chief executive of Senior Lending Network in a statement.
"I am so pleased at how the whole situation finally worked out," said Ms. Curl-Pinkins in a statement. "I was holding my breath for a while. Now I feel as if my prayers have been answered so I can stay in my home."
Mr. Peskin added, "Our philosophy is that each loan we make has a story and a family behind it. Our loan officers take the time to understand the borrower's needs and build a relationship before we offer our services."
Mrs. Curl-Pinkins' response is consistent with other reverse mortgage customers. According to the 2006 AARP National Survey of Reverse Mortgage Shoppers, 93% of borrowers reported that their reverse mortgages had had a mostly positive effect on their lives.
Since 2004, the Senior Lending Network has been championing the rights of the nation's senior citizens through its educational efforts, financial products and philanthropic endeavors.
More subprime news
| 
