Chuck is going to be 72 years old this year. His wife passed away in 2012 after a lengthy illness. He's a pretty simple, unassuming guy who spent most of his working life in a shoe factory. He and Mrs. Chuck truly loved and needed each other. She worked as a book keeper and was very good with stretching the money and paying the bills. He had never written a check and, when he was single, paid all of his bills with cash. She didn't drive, and he was happy to take her shopping and anywhere else she wanted to go.
Mrs. Chuck gave him an allowance for spending money each week and it was plenty for him. Along the way, they acquired a home and kept it in neat condition at all times. Chuck was in charge of making sure everything worked, and that the lawn was mowed in the summer and that the driveway was shoveled in winter so that they could get out when they needed to. Together they made it all work.
They had managed to pay off the house over the years, and now only had to keep it operating. Work was in the rear view mirror, and they could live comfortably on their Social Security and a couple of small pensions that came in. Chuck loved his (paid off) pick up truck and it will last forever Even their dog Buddy was happy with the arrangements. They couldn't have children.
It all ended for Chuck in 2012. He is sitting on a property that has always been his home and it is what he worked his whole life for. The walls are adorned with pictures of the two of them at different key points in their life together. Neither she, nor her pension money are ever going to come back in the door. The sense of grief will always be there but, he never planned on outliving her.
He now needs more income but is unable to work. He won't hear of a reverse mortgage, but I can't figure out a way to get him a line of credit that will enable him to live there. This is a guy who deserves to spend the rest of his time at home with dignity. Lots of equity, not enough income to qualify for a loan, or is there another way?
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