West Palm Beach Florida’s WPTV Channel 5 aired a segment over the weekend on how a reverse mortgage was able to save the home of one 67 year old resident. “Jack the Bike Man” who is known throughout the neighborhood for the bike charity he runs, was having a hard time affording his mortgage when his insurance premiums went up.
Living off of social security, Jack was forced to pack up everything awaiting the day he’d be kicked out of his own house. "The stress built up to the point in November I had a heart attack," he says.
Luckily, a reverse mortgage specialist took on Jack’s case to help save his home from foreclosure. "The trouble was getting somebody to make a decision. When you call the banks today with this mortgage crisis we got here, you get sent to India or wherever. But you can never find someone who can make a decision," said Joe Daly.
Eventually a county judge sent the case to mediation and the bank agreed government money was better than a foreclosure at half the profit. Now after almost a year of living out of boxes, Jack is finally unpacking. "I feel safe, secure, I’m not afraid," says Jack. To view the video click the link below.
