• Question
  • my husband passed last march 2012 i am having a hard time keeping my bills caught

    Asked by a 73 year old man from Chester, VA on 3/16/2013

    my husband passed last march 2012 i am having a hard time keeping my bills caught up.my mortague is768.64,havent paid on my credit cards in a year have always keep them up till last march,i called them and told them now one is a garnishee for it i feel relly bad,quicken loan kept calling me and i did not know who they were i never answered,finally i did and they were goina help till they found out about that garnishee,they said they couldnt because of that,that is how i found out about it,sure wish someone could help thank for this message nancy wells

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  • Categories: Paying Off Debt, Retirement Planning, Downsizing/Relocation, Out of Money, Reverse Mortgages, Housing

Answers

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  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • We are sorry to hear of your husband's death and your financial troubles.

    If it is any solace, many widows find themselves overwhelmed by finances after the death of a spouse.

    You may wish to explore getting a Reverse Mortgage. Are you familiar with the product? Quicken loans does offer Reverse Mortgages, perhaps this is why they were calling? With a Reverse Home Mortgage, you get all the benefits of selling your house and all the benefits of getting a home equity loan - but you can still live in and retain ownership of your home and you don’t have to make any payments against the loan over time. No matter how you structure a Reverse Mortgage, you typically don't pay anything back until you die, sell your home, or permanently move out. On top of that, your ability to secure a Reverse Mortgage is not dependent on your credit history, income level, health or any other factors that might make a home equity loan expensive or problematic.

    If you would like NewRetirement to help you find a Reverse Mortgage lender who can help you eliminate your credit card debt and mortgage payment and perhaps give you access to additional cash, then please call 866 441 0246. We can answer your questions about Reverse Mortgages and connect you to a prescreened lender.

    Or, have you considered downsizing your residence? Could you sell your home and use the proceeds to pay off your debt and purchase a smaller residence?

    I hope something here is helpful to you. Again, you can reach us toll free at 866 441 0246.
    We wish you all the best,
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 3/17/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.