Bob & Sally have been married for over 70 years! 88 & 94, and incredibly young for their age.They had their home paid off, but a few years ago they took out a loan on the house in order to go into business with one of their grown children. Bob, in his 80’s, still wasn’t ready to retire! Enter the recession. Boo, hiss! The hopes and dreams for the new business crashed and Bob & Sally found that maintaining their new mortgage payments put quite a strain on their finances, depleting their savings, stressing their lives and affecting their health. They went through the mortgage modification process to reduce their monthly home payments and during that process one of the professionals they ran across asked them if they had ever heard of reverse mortgages. They had not. To make a long story short, they were referred to me and after meeting with them and their adult children (their kids are old enough for a reverse mortgage), they applied for, were approved and signed their reverse mortgage closing documents.
I received a call from their grown daughter who was in tears because the financial relief provided by the reverse mortgage has changed their lives! No more monthly house payment, $6500 in cash to pay off a vehicle & do some home improvements AND a line of credit of over $70,000 to use for emergencies, pay the property taxes and provide peace of mind. The family is happy, everyone feels secure and I feel so lucky to have been given the opportunity to help another family. Don't you just love happy endings?
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