Helping a Senior with a Reverse Mortgage

Helping a Senior with a Reverse Mortgage

One of the most gratifying parts of my job as a Loan Officer is when I get to help a Senior tap into the equity in their home through a Reverse Mortgage.

It usually starts this way: I get a call from a Senior, they are at least 62 years old, and they are worried, maybe scared; each Senior has their own reason for being worried and/or scared. 

I’ve had one Senior who became ill and couldn’t afford the medical treatment he needed; I had another Senior who lost her job – and she was in great shape and wasn’t planning on retiring anytime soon; another example is the man whose wife passed away, and with that went her pension, and he was left with much less to live on than he was expecting.

After hearing their story (every story is fascinating) I get some basic information from them.  I confirm that everyone on the mortgage is at least 62, and if they have a mortgage, I run a credit report to see how much is owing on the house, and compare that to the FHA lending rules to give an estimate as to how much they may be eligible for.

I had one Senior who simply could not believe it, thought it was too good to be true.  The next day I got a call from her Son confirming the details!  It was pretty touching actually.  Apparently the woman had been losing sleep over her unexpected medical expenses which made her medical condition much worse.  A few months after the Reverse Mortgage was completed and she had her money in her bank account, her Son called me and thanked me, and let me know that his Mother was sleeping regularly again, and her health was improving! 

I was shocked that the financial stability to pay medical bills made such a difference in this Senior’s life, but after thinking about it for a while, it made perfect sense.

The reason helping Seniors tap into the equity in their home is such a gratifying part of my job is that I feel very strongly that the last thing Seniors need to worry about is financial security, and a Reverse Mortgage can help with that.

They’ve worked so hard in life, and it’s time to enjoy life, time for some peace of mind!

If you have any questions about how a Reverse Mortgage may help you or a Senior you know, you can contact me at 541-868-1050, or by email at loansbyellenadams@gmail.com.