Awhile back I had the honor of originating a reverse mortgage for a elder who just wanted to stay at home. I was contacted by his son who got my name from a Realtor friend of mine.
Bedridden and in his late 80’s this retired educator, his son and his financial advisor were happily amazed to find that he was like a Timex and just "kept on ticking". Unable to take care of himself physically, he enjoyed the view out of his window, loud classical music and reading science fiction stories. (I like science fiction too!) He was very attached to his caretaker, a fellow with a knack for cooking and the strength, compassion and energy to keep Mr. D engaged, happy and....alive. However, longevity has it’s drawbacks and Mr. D had exhausted his long term care funds and retirement savings. His pension would not be enough to keep up with his desire to stay at home.
As a team they decided that a Reverse Mortgage with monthly “Tenure Payments” would provide enough funds to keep the caretaker on board and even a little extra. Mr. D was thrilled to be able to stay in his home, enjoy his sunny view, his memories and the best home cooking a guy could ask for.
I’ve recently heard that Mr. D doesn’t have to much time left, his health is failing and he has hospice care at home. I’m glad I was able to help him stay there.
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