When a Congressman, reverse mortgage lender, and a local church work together, good things can happen.
After hearing that Claudia Turrentine’s home was days away from auction, Malcolm McLean – a certified Reverse Mortgage Specialist who runs www.yes4reverse.com – knew he had to move fast and told Hollywood Today “I realized that short of a miracle, a reverse mortgage was the only shot at saving her home”.
Ms. Turrentine’s loan from Wachovia had ballooned to $383,000, and due to falling home values, she was $90,000 short of qualifying for a reverse mortgage.
McLean approached Congressman Adam Schiff, who represents the 29th Congressional District, and requested his help to save the 80 year old woman’s home. Schiff immediately issued a Congressional Inquiry to Wachovia, outlining his concern that a senior homeowner with very little income could qualify for such a big loan.
Next, McLean, reached out to the Deliverance Tabernacle Church of God, where Claudia had been a member for more than 50 years. The congregation raised $40,000 to help pay down the loan – but Claudia was still more than $50,000 short to qualify.
To make a long story short, Wachovia took a BIG hit… to see how BIG and how it ended check out the link below.
