I really enjoyed working with this young retiree and her family! Ms. B bought her home with cash after she retired in 2003 and has been enjoying her adult children, her granchildren, gardening and some travelling. She keeps very active. With the economy getting out of control over the last four years, she has seen her savings dwindle and the return on her CD’s has gotten lower and lower as interest rates have fallen. Finally in November of last year she realized she would not be able to make her property tax payment and so she began to look into reverse mortgages. She researched online, got quotes and estimates from a variety of lenders, watched everyone’s “free no obligation videos” . Smart woman that she is, she also involved her children in the process. The whole mastermind concept of having a team approach to solving a problem. That’s how this family operates.
Early this month she met with me and her children and we discussed the various reverse mortgage options that would work for her situation. Her children were involved and active in the consultation with lots of questions and thoughtful to understand all of the options, terms and requirements. As a team they chose the HECM SAVER Adjustable as the best reverse for Ms. B.
Next, Ms. B, and her daughter and son-in-law met with the HUD Approved HECM counselor, took and passed the HECM Counseling, and recieved their Counseling Certificate. I then met with Ms. B to pick up the certificate and complete an application for a HECM Saver Reverse Mortgage. 14 days later the appraisal had been done, the loan approved and we were sitting at the table with the notary signing her loan documents. She was able to pay the Property Taxes, access $30,000 in immediate cash AND the rest was put in a line of credit totalling over $44,000 that she can access for future needs - that is net after paying the closing costs which totalled $1300.
She and her family understand that the reverse is a mortgage on the home, and Ms. B is planning on making some payments on the new reverse loan to build up the credit line so she has even more security as she ages.
Smart woman, smart family!
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