This is a great post written by a loan officer, Dan Pena in Oregon about his experience with helping folks get their Reverse Mortgage. There's a lof of bad press out there and misinformation. I think this is the biggest and best reason that the loan product is out there. Keeping people in their homes and just helping out a little with the daily increases that need to be absorbed. Nothing extraordinary or a splurge like a big screen TV. It could be just a smaller breather ...... to get food.
Enjoy.
Via
Dan Pena (Advantage Capital Lending):
Why do we need Reverse Mortgages ? I just found out, we need them for the couple I met about two months ago when I received a call from a lady that had just spent the last week studying all the information she could about Reverse Mortgages. It was like "Cash Cab" she would ask the questions and I would give her hopefully the correct answer which I was rewarded with knowledge credits. This couple asked all the right questions and really needed some help, they said they did not have gas money until the beginning of the month and would very much like to make an appointment to meet with me but could not until after they received their monthly check in about two weeks. I needed some time to compose myself as talking with them helped me realize that they didn't have any excess funds to treat themselves to a burger and fries , something I took for granted.
Why do we need Reverse Mortgages? This couple as it turns out lived on a fixed income (Social Security) that was less than $1,000 per month and had a house payment in excess of $650.......and they were current on their payments. Like any of us I didn't want them to have to wait or spend their gas on coming to me and made an appointment to visit them, it was a great day for me when I met them as they truly didn't think there was a light at the end of their tunnel and they were hoping I would be that light. Little did they know they were my light in my tunnel, In today's challenging market we all look forward to a new loan but this wasn't just a new loan it was an experience, it felt like finding a waded up $100 bill in my favorite jeans but even better.
Why do we need Reverse Mortgages?, Yesterday was a GREAT DAY, they signed their doc's on their Reverse Mortgage and next month they will get to keep their Social Security check and get an additional check from their Reverse Mortgage......Today they called to thank me for what I get paid to do and said yesterday on their way home they stopped for a burger and fries, but like I said this was not a new loan it was an experience, I look forward in taking them up on sharing a beer with them someday soon, I look forward to seeing them one of these days having a burger and fries, I look forward knowing that every month for the next 15 years they will be getting a direct deposit into their account. Dear Mr. and Mrs. P, thank you for helping me and I really look forward to the beer and burgers.
Why do we need Reverse Mortgages? I hope you find the answer to this as I have.
Bendinfo.com
An empty wallet does not mean you don't have friends 
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