MortgageReverse

Ed McMahon Needs A Reverse Mortgage

mda3-013_rt8460 Ed McMahon is fighting foreclosure on his multimillion dollar Beverly Hills home, according to the Wall Street Journal.  Mr. Star Search was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp filed a default notice February 28.

Mr. McMahon’s home has been on the market for about two years, his real estate agent Alex Davis said.   The house is listed at $6.25 million and is in a hilltop gated community overlooking Mulholland Drive called The Summit.  Apparently the house is close to Brittany Spears… that cant help resale.

The WSJ reports that Mr. McMahon broke his neck in a fall about 18 months ago and hasn’t been able to work, said Howard Bragman, a spokesman for McMahon.  That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings, Mr. Bragman said.

The McMahons “understand that they are in the same situation as hundreds of thousands of other hard-working Americans, and their hearts go out to them,” Mr. Bragman said.

What about a reverse mortgage?  McMahon is 85 so he might qualify’s depending on his wife’s age and actual equity in the home.  Any jumbo lenders out there should give his spokesman a call… or maybe Robert Wagner can call him up and tell him about reverse mortgages.  I feel like I’m writing for US Magazine…

Ed McMahon May Lose Beverly Hills Home (Wall Street Journal)

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