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Jump to: Who Is Reverse Mortgage Debt

When you turn 62 you become eligible to take out a reverse mortgage.

A reverse mortgage is a type of home loan that allows you convert some of the equity in your home into cash. It is similar to a HELOC or second mortgage but unlike a traditional home equity loan borrowers of reverse mortgages do not have to repay the loan until the borrowers move out of the home. We advise against this as a way to repay debt and supplement income. If you outlive the reverse mortgage you will be stuck in the same predicament as before. Also, if your home is your only asset it is not wise to cash it out.

From the people we’ve helped​

As of November, 2024

"When I began working with Tayne, I could feel myself breathing again. They settled 8 of my 12 debts in less than a year, including my private student loan for $33,600 (a savings of over $50,000). They have always been available to answer questions, are in regular communication, and have made this as painless as could be."
Illinois ClientCredit Card, Student Loan, Personal Loan Debt
"I had credit card bills that were insurmountable, and with Tayne Law's help, I was able to pay it off in three years. The collection calls stopped, and I was able to breathe."
New York ClientCredit Card Debt
"Tayne Law has been great and did exactly what they told me they would do. I highly recommend them to anyone with debt issues. Whenever I called or emailed them, I always received a quick response."
New York ClientCredit Card Debt
"Being in debt is scary and embarrassing, even if the circumstances are far beyond your control. The staff at Tayne Law were amazing, patient, and respectful. I was much more than a client to them, and they were truly vested in my success!"
New York ClientServed for Credit Card Debt
"As a financial professional, I found myself not being able to work because of health issues. I always had a perfect credit score and no debt. I used all the money in my 401(k), and my credit cards were maxed out. I was frozen with fear and didn’t even dare to look at the overdue statements. The Tayne Law Group gave me peace of mind and empowered me with a strategy to get back on track. I’m forever grateful!"
Florida ClientPersonal Loan and Credit Card Debt
"We had $46,000 in MCA Debt that we were trying to pay down and off. The interest rate and the penalties were excessive. We had every intention to pay the loans back but were drowning in enormous fees and debt. After talking to Leslie, we decided to enter the program. Tayne Law Group helped us settle our debts and keep our business. I highly recommend them!"
New York Business OwnerBinding Contract, Merchant Cash Advance Debt
"I highly recommend working with Tayne Law! Leslie and her team were amazing. I was extremely nervous at first, but after the process began, it felt so easy. Thank you."
New York ClientJudgments, Credit Card Debt
"I've worked with Leslie for several years. She's one of my most trusted and reliable sources, and I always know I can count on her to provide spot-on insights and thorough answers to my questions. She's even willing to help when I have extremely tight deadlines, which I find incredibly valuable as a member of the media."
California Financial ReporterMedia Member
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In the consultation, we’ll talk about your debt and find the best solution for you.

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Why people choose Tayne Law

A debt relief law firm

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Personalized
Program

Every situation is unique. We’ll work with you to find a solution that resolves your debt and frees up your cash flow.

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No-billing
Policy

You make one low monthly payment and will never get an unexpected bill.

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Experienced NY Debt Attorneys

We have more than 20+ years of experience providing clients with debt relief.

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Work with
Creditors

We work with all creditors, whether you’re dealing with a collections firm, a national bank, credit union, or another lender.

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Confidential &
Trusted

As a law firm, our attorneys follow strict client confidentiality. Our services are discrete and effective.

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Contact Us

Address
135 Pinelawn Rd Suite 250N, Melville, NY 11747

Email
info@taynelaw.com
Phone
(631) 470-8204

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Copyright 2024 Tayne Law Group, P.C.

Attorney advertising. Prior results do not guarantee a similar outcome. The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice or tax advice for any individual case or situation.

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