The GO FUND ME page/fundraiser is for Cheryl and Norm of Pierce County, WA.

I am helping them get out of foreclosure and stop their home from being auctioned on OCT 7, 2022.

My name is Rebecca Rainsberger, Loan officer NMLS# 582973, in WA state.

The Cheryl & Norman GoFundMe fundraiser is for paying off the electric and water bill of approximately $8500.-9000.00. Because only then can an FHA appraisal happen. The reverse mortgage loan will pay off their 1st and 2nd liens on their house. We need to beat the Auction Date of 10/7/2022 and aim for appraisal to be completed by Sept 26th or 27th of 2022. Below are the details, and watch the video if you prefer.

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Cheryl and Norm were told they needed a 2nd lien on their house to pay for the closing costs when they purchased it.

They never heard the word “Balloon Loan” and were never told the entire 15-17K amount due would be after 5 years of paying only interest have passed. This was all done at the closing of their purchase. They were told they only had to pay interest for 5 years and then the actual loan balance would be added after that. They thought it would be a 10–15-year payment of balance with interest from then on.

After the 5 years of interest payments were done, a payment was returned to them, and they were told they only will accept approximately 15K and nothing else was accepted.

• In the meantime, Norm had 2 heart surgeries and they were in the middle of Covid.

• They missed some payments on their utility bill (Tacoma Power) at that time.

• They kept making payments toward it, but it was never enough and over time they received notice that their house was being foreclosed upon in FEB 2022 and in July 2022 their water and electricity were shut off.

The notice their house was going to be auctioned off on October 7, 2022, was given to them.

They do have a 1st mortgage on their house, and they have always paid the homeowners insurance, property tax payments and their 1st mortgage payment on time. It is the 2nd lien / Balloon Loan that caused the foreclosure.

Their neighbor called me 8/14/2022 and asked if I thought a reverse mortgage could help them in this situation. After I did the financial assessment and explained how the FHA Home Equity Conversion Mortgage (Reverse) loan works, I would still need to have their home appraised. By following FHA appraisal guidelines, they must have water, electricity and sewage working on completing an appraisal.

Thank you,

Rebecca Rainsberger for Cheryl and Norman of Tacoma, WA