Learn How The Reverse Mortgage Has Helped Our Wonderful Clients
Over the years, I have worked with a lot of self-employed business owners. As a business owner myself, I am always interested in sitting down and listening to their experiences. For instance, one of my clients was struggling with tax liens. They were on a payment plan, but they weren’t making much progress.
Their attorney suggested looking at a Reverse Mortgage. This enabled them to gain access to cash so they could make an offer to pay off the liens in one lump sum, and at a much lower amount. I am glad to report: mission accomplished! We were able to pay off the liens at a significantly lower amount, and my clients still had a substantial line-of-credit available in case they needed money in the future.
Anthony J. Wagner June 14, 2018
Recently, we helped clients who had fallen behind on their property taxes. This is a lot more common than people think. They originally got into this problem because they were living on a very limited income with no savings. The only way they could pay the taxes each year was to put enough money aside each month to cover the bill. Unfortunately, they had to use the money they had saved for taxes to do some emergency home repairs. Fortunately, they gave us a call.
The first thing we did was give them the paperwork they needed to fill out each year to get their property tax bill reduced. They didn’t know that they could receive a reduction in their taxes due to their income. We put together a Reverse Mortgage for them to pay off the back taxes and penalties. There was also plenty of money left over to give them some additional tax-free money each month and a substantial line of credit to meet any of their unexpected expenses in the future. In addition, we helped them submit the paperwork they needed to receive a reduction in their property taxes in the future.
Joseph & Sarah Bowie June 14, 2018
One of our recent clients came to us because her husband suddenly passed away. She quickly realized that her income was drastically reduced when she lost him. In addition to her grief, she was also dealing with the stress of her dire financial situation. We were able to use the Reverse Mortgage to increase her monthly income, so she can stay in her home and feel secure about her financial future.
Although she experienced quite the hardship in itself with grieving, the best thing is that she can remain in her home without being financially burdened. We never know how the Reverse Mortgage can be utilized until there is a client who is in need, and needs the perfect solution!
Kerry C. Boyes June 14, 2018
Recently, I had a client that used the proceeds from the Reverse Mortgage to help her granddaughter pay for college because her parents were divorced, and they didn’t have the money. My client wanted her granddaughter to go to school full-time to complete her degree timely. She initially planned on leaving the money to her granddaughter when she passed. However, she figured she would rather see her benefit from the money now rather than have her wait until she was gone.
We all know that attending college can be costly. Now that my client's granddaughter can attend school full-time without the added on financial burden, my client can rest easy knowing she made a remarkable difference in someone's life. I always say that the Reverse Mortgage is not for everyone, but it can indeed make a difference.
Heather F. Mauro June 14, 2018
With a lot of our clients living on a limited income, it’s hard for them to keep up with the maintenance around their home. All too often, small problems quickly become big issues. This brings to mind one recent client who had so much deferred maintenance that she was about to lose her homeowner’s insurance. Luckily, her agent knew about the Reverse Mortgage and us. We were able to get her the money she needed to satisfy the insurance company and do some of the extra things she wanted. Even after all the work was done, she still has money in a line-of-credit to help meet her future needs. I recently saw the finished product, and it looks like a completely different place. She is happy with her home improvements and has peace of mind knowing that she has the money to deal with future maintenance.
Olimpia García June 14, 2018
At Reverse Mortgage Answers, we work with a lot of different clients with their unique financial situations. A recent client I helped had a line of credit with an interest-only payment. He had the line of credit out for years, and he had used everything available. Since the Line of Credit was all used up, he now had to start paying down the loan. Unfortunately for him, it was no longer an interest-only payment, so the repayment amount was double what he was previously paying. Since he was on a limited income, this made a significant difference in his monthly cash flow.
Besides this, almost all his credit cards were maxed out. His bank referred him to me for a Reverse Mortgage. His credit scores were excellent; however, he was on the brink of everything changing for the worse very quickly. We were able to get his line-of-credit, and his two largest credit cards paid off. We saw the stress on his face go away immediately! Now that he doesn’t have the mortgage payment each month, he can pay down the remaining credit cards. He was glad that he made the call.
Edward Littlefield June 14, 2018
One of my clients that I recently helped was behind on her property taxes. Because she lived on a fixed income, she had to put aside money each month to save for when taxes are due. Unfortunately, some necessary home repairs come up that could no longer be avoided. As a result, she had to spend the money she saved for taxes. A friend of her told her about the Reverse Mortgage. She was hesitant at first because she was afraid she wouldn’t be able to leave the property to her kids. When she found out that she could, in fact, leave the property to her heirs, her kids encouraged her to do the Reverse Mortgage. Now, she can spend the money she has each month on her expenses and use the line-of-credit for future or unexpected events. She just told me the other day that she is worrying less and the Reverse Mortgage is the best decision she has ever made.
Ruth J. Burley June 14, 2018
One of my clients I helped last week was still living in the home where she raised her family. Over the years, the children grew and moved. Recently, her husband passed away, and the home was just too big for her to maintain alone. As a result, she considered selling it. Unfortunately, she still had a mortgage on the property. If she sold the property, she worried that she wouldn’t have enough to purchase another home outright after she paid back the current mortgage. She had some financial reserves, but she lived on a fixed income and did not want to tap that resource yet. Her real estate agent suggested that she look into the Reverse Mortgage for purchase. We were able to lend her about half of the purchase price, and the other half of the money came from the sale of her current home. She was able to find a house she loved that was more suitable for her. She even had some money left over from the sale of her existing home. Best of all, she no longer has a monthly mortgage payment. She is now in a community where she is more active and is enjoying her retirement. The Reverse Mortgage may not be for everyone, but it can be the right tool for the right situation.
Akane Cholpon June 14, 2018
Our company takes great pride in assisting different borrowers with unique circumstances. Last week, we helped a client that had both a first and second mortgage. Also, she had ten open credit card accounts and was only able to make the minimum monthly payments. The reason she had so many credit cards was that she was on a fixed income and didn’t have any savings. The Reverse Mortgage enabled her to pay off the two mortgages and get enough additional money to pay off her credit cards. She was relieved to know that the remaining money is available to her in a Line-of-Credit in case some unexpected expenses come up in the future. She can breathe easy now that she no longer has mortgage payments and credit card debt. Because of the Reverse Mortgage, she now has money to plan trips to visit her family members. As I always say, the Reverse Mortgage isn’t for everyone. However, it can make a significant difference for a lot of people.
Denise W. Brown June 14, 2018
I have been doing Reverse Mortgages for over 25 years, and in that time I have had the pleasure to work with a wide variety of people with different needs. We have a lot of clients that bring a significant mortgage with them into retirement. One recent case comes to mind. When my clients were still working, his mortgage payment was easy each month. It was a different story when he retired. That same mortgage payment in retirement was consuming 65% of his Social Security and the small pension he received. He had investments but found that he needed to withdraw nearly $3,500 a month from his retirement accounts to cover his mortgage, taxes, and insurance. With over 12 years left on the mortgage, he knew he had to do something. He didn’t want to move, so he looked to the Reverse Mortgage for relief. We were able to pay off the current mortgage in full. Now, he doesn’t have a monthly payment and no longer needs to draw from his retirement account. By doing so, he is letting his retirement account grow.
Carlton & Debora Cooks June 14, 2018
I have been in the Reverse Mortgage business for over 25 years, and people use the loan for many different reasons. One of the homeowners I worked with recently used the Reverse Mortgage to help his adult son purchase a new home. His son has been trying to save money for years, but with two teenage kids, the money he was saving had to go towards other expenses. My clients were thrilled to help their son. The father told me he was glad to be alive to see his son use the money. Also, the house his son is going to purchase has an in-law suite so that they can move in with him in the future, if necessary.
Kenneth C. East June 14, 2018
I have been doing Reverse Mortgages for over 25 years, and in that time I have had the pleasure to work with a wide variety of people with different needs.
Recently, I helped a couple that has been living in their home for over 30 years. All of their kids were grown, and out of the house. The couple both had some serious medical issues that forced them to retire earlier than expected. They loved their home and had no intentions of ever moving, but they still had a mortgage and were faced with outstanding medical bills while living on a fixed income. They thought about selling, but after they paid off the mortgage they could not find anything as nice as their current home that they could afford.
In addition, the idea of packing up over 30 years of memories was daunting, especially in their physical conditions. They were referred to me by a friend who was a client of mine. We did an analysis of their case and found out that the Reverse Mortgage could give them everything they wanted. We were able to pay off their current mortgage and put money aside for their taxes and insurance. In the end, they couldn’t find anywhere cheaper to live! Best of all, they were able to stay in the comfort and security of their home with no more monthly payments. As I always say, the Reverse Mortgage isn’t for everyone; however, it makes a significant difference for a lot of people.
John & Karen Zeigler June 14, 2018