In my career as a Reverse Mortgage Specialist, I have worked with many seniors who have called after hearing my radio show who have been in desperate straits! The reality of 20 – 25 more years in retirement on a small, fixed income that allowed no wiggle room for visiting the grandkids, buying Christmas gifts, and just going to a ball game was depressing. The choices some of these folks were facing between paying their mortgage, buying groceries, or paying for medications caused stress every single month.
One precious woman that I was able to help was already visiting the foodbank to stretch her meager resources, but in her case, she was “house-rich and cash-poor.” Jane owned her home free and clear but could not access her housing wealth without selling her home.
When we talked about Jane’s ability to access some of the equity in her home (money that she had faithfully paid into the home over the years) she was ecstatic! Doing the reverse mortgage allowed her access to sufficient cash each month to allow her to pay her bills, have a cushion of money in the bank, and a growing line of credit for future use.
Jane had worked hard all her life and it was such a joy to have a part in assuring her the more stable and abundant retirement she deserved. She was pleased to learn that with a reverse mortgage, the bank would never own her home and her heirs would not inherit debt.
For more information specific to your situation, give me a no pressure, no obligation call to explore your options. Call TODAY! (586) 753-9000
