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Kleenex on Hand? After Reading These Reverse Mortgage Success Stories, You May Need One.

It is not often that Reverse Mortgage success stories are heard or shared in the media. Although Reverse Mortgage loan originators typically receive positive feedback from both their clients and the family members of borrowers,  these experiences are not always captured publicly to show the many benefits of what a Reverse Mortgage can do for a borrower and his/her family.

However, at the National Reverse Mortgage Lenders Association’s annual conference in San Francisco last month, several family members of Reverse Mortgage borrowers used this platform to speak openly about their experiences. The commentary shared was inspiring and touching.  It also captured the Reverse Mortgage in a different light: one that will inspire prospective borrowers to seriously consider how the Reverse Mortgage can transform a senior’s life from being burdened with debt to financial freedom.

One of the children of a borrower, Nora Rodriguez,  spoke highly of the Reverse Mortgage and cited her awe-touching story at the conference.  For Nora’s father, the Reverse Mortgage enabled him to recover from his massive medical bills due to a heart attack that he suffered and increased his household cash flow. “My parents are happy now because they are stable, increased their ‘income’ and he is recovering and doing very well,” Nora stated during the conference panel.

Before her father’s heart attack, Nora stated that her father had never considered the Reverse Mortgage. Even though he had little income or pension after retiring from work at a local college, he initially objected against tapping into his home equity. However, several months later, a friend’s mother who had a Reverse Mortgage, said it was the “best thing that she had ever done.” This friend referred Nora and her parents to a lender and introduced them to their originator.

Nora further continued her story by stating that, “my parents are so happy now and don’t have to pinch.”

Another relative of a new borrower, Anita Chan, is an Oakland, California based financial advisor. She was included in the process of assisting her family member, an elderly uncle, with obtaining a Reverse Mortgage. Because he did not have any children and his income was limited, Chan’s uncle discussed the idea at a recent Thanksgiving dinner. “Before that conversation, we had never talked about finances,” Chan remarked. Although Chan was profoundly interested, he had two obstacles standing in his way: he is a native Chinese speaker, and his local community bank did not offer Reverse Mortgages.

With little help and assistance, he then turned to his niece. Chan continued her story by sharing that in the past, financial advisors have been historically reluctant to recommend Reverse Mortgages. However, Chan knew something had to be done to relieve her uncle’s situation.  As a result, she did some research and found that the Reverse Mortage was what her uncle needed.   She was able to assist her uncle and now recommends Reverse Mortgages to her friends and clients.  In fact, Chan now considers herself an enthusiastic advocate for the Reverse Mortgage and takes advantage of any opportunity to proclaim the benefits of the program for retirees.

The family members all weighed in on the sentiment that if your parents or relatives have equity and want to enjoy it, they should be able to access it safely. Even though there are a lot of unanswered questions for seniors, the Reverse Mortgage is a product that deserves a hard look. Best of all, the Reverse Mortgage is federally insured so skeptics should be aware that this is, in fact, a safe program.

With the positive remarks shared at the conference, borrowers were shown real-life examples of how the Reverse Mortgage can improve their lives. At Reverse Mortgage Answers, we have shared in on the positive impact that the loan has had on thousands of borrowers that we have assisted in the past 25 years.

If you or someone you know has questions about the Reverse Mortgage, we are here to be your Reverse Mortgage resource.  We can be reached toll-free at 1-800-420-5515.