Bankruptcy Assistance for the Elderly
As an older individual, you may feel like your options are limited when it comes to taking out loans. Your lack of income may hinder the amount of money that you are able to borrow. Before you tap into your retirement nest egg, you should consider other more advantageous option, such as bankruptcy. These options can assist with your financial problems.
At Atlas Consumer Law, we provide experienced legal representation to all of our clients. We are particularly helpful at explaining all of your options and the consequences of those options. We are located in Oak Brook, Illinois, and serve clients throughout Chicago and the surrounding areas.
If you are an older individual who is struggling with your debt, contact our attorneys. We can help you analyze your legal options. Contact us at (312) 313-1613.
Do Not Use Your Retirement to Pay Your Debt
For many older individuals, their largest asset is their home. However, they believe the only way to leverage that asset is to get a home equity loan. That can be problematic because a home equity loan has to be paid back with interest. Therefore, when seniors or their children have financial problems, often they tap into their retirement accounts or accrue debt to try to address the situation. However, there is another answer: a reverse mortgage.
Reverse Mortgage, an Option?
One way to address your situation is to take out a reverse mortgage. It is a powerful tool. There is no credit requirement and no income requirement for a reverse mortgage. A reverse mortgage allows people to tap into the equity of their home, without the burden of monthly payments. In fact, the senior then receives payments from the bank.
In order to take advantage of this program, you have to meet age requirements and live in a primary residence. Seniors are using this technique to pay off a current mortgage, create a down payment for another home or for remodeling or repairs.
If you are facing mounting debt and need assistance in weighing your options, contact our bankruptcy lawyers in Chicago by calling us at (312) 313-1613.