Our home is not valued at the balance of our mortgage, coming into retirement we are looking to cut expenses. We don't want to lose our home, but need options?
We purchased the home in 2009.
Hello. This is an unfortunate situation, but one that can potentially be resolved. I would highly recommend locating a licensed and experienced broker/lender who could first assist you with a possible refinance (a Reverse Mortgage Specialist could possibly help). Also search around for an experienced financial adviser. Be it a friend, family member or someone a friend refers you to, having someone there with you, who knows the exact values and financial circumstances, is going to be your best bet. Where there's a will, there's a way! I wish you the best of luck.
Best, Ken - Another Guy in the White Hat | 03.03.16 @ 21:38