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Financial struggles in retirement? Try a mortgage modification

As a retiree, you hope to get your finances in order so that you can enjoy the rest of your life. Now that you aren't working on a full-time basis, you hope to spend time on the things that make you happy.

Unfortunately, you're only able to do this if your finances are in order. Many retirees face challenges with respect to making their mortgage payment. Subsequently, they also may not have the money necessary to stay current with their bills.

While there are many ways to resolve this problem, you may want to look into a mortgage modification.

There are many benefits of this strategy, including the potential to lower your interest rate. If your lender agrees to this, it goes without saying that your monthly payment will immediately become more affordable. Not to mention the fact that you can build equity faster and pay off your mortgage in a more timely manner.

Steps to take

The second you realize you're slipping behind on your mortgage payments is the moment you should contact your lender. If you don't stay in touch, there's always the chance that your lender could start the foreclosure process.

In addition to a loan modification, speak with your lender about forbearance and any other options they may offer people in your position.

By now, you understand the first step in a mortgage modification: contacting your lender to discuss your situation.

From there, if you qualify, you'll want to learn more about the process for moving forward. Your lender can provide you with guidance, such as the documents you need to complete.

As you make your way through the process, be sure you understand what you're getting by modifying your mortgage. Do you and your lender agree on the terms that will change? Some of the things to discuss include:

  • Interest rate
  • Extending the term of the loan
  • Adding missing payments to the current balance

As a retiree with a mortgage, you may want to discuss loan modification with your lender. Along the way, you can consult with a Pennsylvania attorney and financial professionals who can help you better understand the process, what it entails and how to put yourself in position to succeed.

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