When a customer approaches me about a mortgage for a home purchase that motivation on the part of the customer is crystal clear; Get Approval; Find the Best Terms and Conditions; Make the process seamless. The focus is on purchasing the home.
When a customer wants to refinance then the reason is to improve rate and terms or to take cash out for other financial considerations. The mortgage is something necessary and accepted as part of our financial process.
When a customer approaches me for a Reverse Mortgage the goal is different. It is relief. It is that simple; Relief. In my experience. the reasons and motivations for a Reverse Mortgage are a lot more varied but when I listen to clients and hear the stories the unspoken motivation is always: Relief.
The Reverse Mortgage customer is asking 'how can I/we live our live out so that it is comfortable and we can enjoy life without so much financial stress?" My Reverse Mortgage customers talk about death and are always concerned about the surviving spouse. They have worked their entire life and most have had some sort of financial stress their entire life. They have worked and sacraficed for others. Now. Relief.
Yesterday a couple sat in front of me and they have low mortgage payment but not much income. They have savings but they want to travel a couple of times each year while their health is good and they can still move well (physically). They can pay off the mortgage and immediately collect $80,000 cash. Next year they will be able to pull another $142,000 in a lump sum or in increments. This money allows them to live a more comfortable life style; to make travel plans; be more relaxed in life and simply be more relaxed. Relief.
Relief is such Joy. The Golden Years should be Joyful Years and a Reverse Mortgage is the one loan I know that actually allows relief
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