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A Reverse Mortgage Added Another Layer of Health To Her Life

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Darlene, 64, was financially devastated from battling a very serious illness. It wiped out the majority of her retirement and she still had medical bills hanging over her head years after the battle was won. On top of that, she was getting nickel-and-dimed by other debt including her mortgage. Overall, she had almost 50% of her income going towards debt payments.

This medical battle opened her eyes to the realization that she wanted to get out there and do fun things and enjoy her life and retirement to the fullest. She was limited, however, on the things she could do because so much of her income was servicing debt. She was making it, but things were tight financially.

Darlene heard me on the Bill Myer Show and decided to give me a call.

There were three things she was hoping the reverse mortgage could help her with. First, she wanted to get all of the debt paid off so she would have extra spending money as well as the ability to save some money for vacations. Second, she wanted to finish remodeling her home, and third, she wanted to do a bike tour of Italy.

We ran the numbers and it could not have been better. With the reverse mortgage, she would be able to pay off the current mortgage, pay off all of her debt, finish the remodel and pay cash for her bike tour! On top of all of that, she would still have a $130,155 line of credit that she could utilize to supplement her income and maintain her home.

She shared the fact that there was still a high chance that her illness could return. She lives a very healthy and active lifestyle in order to reduce the chances of that happening again. However, there was something that was unhealthy in her life which she could not control. This was the stress and anxiety her mortgage and other debt created. She said the reverse mortgage had considerably lowered her stress levels and anxiety. In other words, she has added another level of healthiness to her life by eradicating the stress and anxiety through the use of a reverse mortgage.

New Testimonial:

“My husband and I lost a large portion of our retirement money in the market crash of 2008. Being in our late sixties at this time of life we needed more monthly income to make ends meet.

We were house rich and money challenged. We were given the suggestion to do a reverse mortgage and asked a well-respected realtor for a recommendation to pursue one.

Matt Allen came highly recommended and we felt very comfortable with him taking us through the process. We now have access to tax free money that enhances our lifestyle for at least the next 20 years. It has helped relieve a lot of stress.

Matt was very patient and informative throughout the entire process and an all-around nice guy.”
Gary and Lorene G. – Medford, OR

 

 

Disclosures:
The story in this newsletter is typical for borrowers with homes exceeding a $400,000 value with a small balance mortgage or home owned free and clear. The story was shared with written permission from the borrower. The name was changed for privacy reasons.

The testimonial is typical for borrowers with homes exceeding a $250,000 value with a small mortgage balance or home owned free and clear. The testimonial was shared with written permission from the borrower. The full last name was not included for privacy reasons.

Not a commitment to lend. Terms subject to change without notice. Credit on approval. Equal Housing Lender. http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1477

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; The loan balance grows over time and interest is charged on the outstanding balance; The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.

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