A Minnesota Reverse Mortgage Borrower Speaks Out On The Benefits With Her Reverse Mortgage

MN Woman Shares The Benefits Of Her Reverse Mortgage“I’m a happy consumer of reverse mortgages.  I feel that it’s had an unjustly bad name in the past, at least I’ve heard under currents of  ‘oh, you wouldn’t like that.’  Well let’s get at this logically.  I’ve had a good experience with it and I like Beth’s approach.  So I wanted to share my experience and what had changed in my life.

“Life was happy and good with a family and a career.  I was all happy and good with the insurance that goes with a nice job.  When retirement time came I had a fair pension and that with Social Security were going to see me through things.

“But that didn’t match my goals.  I wanted to travel more when I was retired and visit my now expanded family and I was getting charges of $400 – $500 for tickets 2-3 times a year plus indebtedness for rewiring in the house, I wanted to remodel things and was running across some fascinating new hobbies.  So I wanted to have new hobbies and travel.  And do what was the healthiest thing I could think of on earth which was having a very right good time now and let the future take care of itself if I took care.

“So that led me to talk to some friends when I was running low on funds.  Several people referred to the fact that Beth Paterson was quoted on reverse mortgages.  To be quoted was quite a credential.  I had a meeting with Beth.  I was 73 at the time.  I was undecided at the time so I waited.  Time changed and I still had a lot of ambition and 75 came along and I wanted some improvements in my home and I was confidently that I could likely spend 10 or more years happily in my home if I had home health care.  That is a big deal to know when you are 70 something to know that if you fall and need some months of assistance.

“When I talked with Beth the 2nd time it all came together.  I was very happy with the amount of care she spent with me.  My family was able to call her and get answers to our questions and they were pretty astute questions.  Beth took the time to answer every one of them.  I had shopped around and I stayed with Beth.

“My life changed from uncertainty on how I was going to pay my electrical bills, and whether I could even stay in this community or whether I needed to move to assisted living which meant moving.  That wasn’t the preferred path.  I was sure I could stay in my home.  I was sure I could get the reverse mortgage loan.  And now I was able to get a nice low rate.

“I immediately found that I could get relief from my old small mortgage. [The reverse mortgage needs to be in first lien position which means  any current mortgages or liens need to be paid off.  This eliminates mortgage payments because there are no payments required on the reverse mortgage.  Borrowers are responsible for property taxes and hazard insurance.]  The relief was so great that I could now stop worrying about how I could pay this within my income.  So I left my Line Of Credit alone – didn’t use it – just the relief for paying off the old mortgage and the old debts and some ability to understand my budget and handle it better.

“Now I have my dignity back and my independence.  And my children are heaving sighs of relief because they aren’t worried about me any more – I’ve answered some of their questions: where I do I want to be cared for as I age.  They aren’t going to be blind-sided.

“I was very pleased with what happened.”

Edna, who took out her Home Equity Conversion Mortgage (HECM) in 2008, shared this story during a presentation where she joined me recently at a Minnesota senior resource fair workshop.

© 2010 Beth Paterson, Beth’s Reverse Mortgage Blog, 651-762-9648

This material may be re-posted provided it is re-posted in its entirety without modifications and includes the contact information, copyright information and the following link:  http://wp.me/p4EUZQ-l6

Related articles:

Blog posts’ information is current as of date post published, program is subject to change in in the future. Contact us for current information, 651-762-9648.

This site or the information provided is not from, or approved by, HUD, FHA, or any US Government or Agency.

23 thoughts on “A Minnesota Reverse Mortgage Borrower Speaks Out On The Benefits With Her Reverse Mortgage

  1. Nice post, Beth! And real testimony to you that Edna and her family continued to work with you over time as you patiently answered their concerns.

    “Now I have my dignity back and independence” says it all. Here is the most fundamental reason why the HECM program works for many, many seniors. Edna’s summary is a big reason why many of us are in the business, too. We need to encourage more borrowers to speak up and express their gratitude for the HECM program.

    Bob

    • Thanks for your comments, Bob. Yes, many of us are in the business because of the difference we make in the senior’s lives. I truly enjoy working with my clients so they can enjoy their retirement years. I am trying to encourage my borrowers to share their stories of how the HECM has made a difference in their life. I think when others hear the borrower’s stories it takes away the fear for them to proceed with the reverse mortgage.

  2. Pingback: Reverse Mortgages Equal Independence For Seniors « Beth's Reverse Mortgage Blog

  3. Pingback: Find security, control in retirement « Beth's Reverse Mortgage Blog

  4. Pingback: Reverse Mortgage Allowed Creation of Memories for Family « Beth's Reverse Mortgage Blog

  5. Pingback: “Our Reverse Mortgage Is Great. Gives Us Some Elbow Room.” And More Testimonies by Reverse Mortgage Borrowers « Beth's Reverse Mortgage Blog

  6. Pingback: Eleven Statements To Listen For Indicating A Reverse Mortgage May Be Beneficial « Beth's Reverse Mortgage Blog

  7. Pingback: Do You Go To A Plumber For Health Issues? Then Why Would You Receive Advice on Reverse Mortgages From A Politician? « Beth's Reverse Mortgage Blog

  8. Pingback: Let Me Educate You On Adjustable Rate Reverse Mortgages « Beth's Reverse Mortgage Blog

  9. Pingback: Reverse Mortgage Protects Retirement Funds « Beth's Reverse Mortgage Blog

  10. Pingback: The answer to the common reverse mortgage tax question « Beth's Reverse Mortgage Blog

  11. Pingback: Change Is Inevitable and They Are Coming To Reverse Mortgages Soon | Beth's Reverse Mortgage Blog

  12. Pingback: Changes Are Inevitable and They Are Coming To Reverse Mortgages Soon | Beth's Reverse Mortgage Blog

  13. Pingback: Veterans Who Have Served Our Country Have Found The Reverse Mortgage Has Served Their Needs | Beth's Reverse Mortgage Blog

  14. Pingback: Without The Reverse Mortgage Money I Would Have Been “Up The Creek Without A Paddle.” | Beth's Reverse Mortgage Blog

  15. Pingback: Think you don’t need a reverse mortgage? Think again… Maybe you’ll WANT one. | Beth's Reverse Mortgage Blog

  16. Pingback: Know a Senior Who Wants Security, Independence, Dignity, and Control? A Reverse Mortgage May Be The Answer! | Beth's Reverse Mortgage Blog

  17. Pingback: Reverse Mortgages Provide Security, Independence, Dignity And Control | Beth's Reverse Mortgage Blog

  18. Pingback: Memories Created for Reverse Mortgage Heirs | Beth's Reverse Mortgage Blog

  19. Pingback: Widower’s Financial Situation Improves with Reverse Mortgage | Minnesota Reverse Mortgages SIDAC

  20. Pingback: Seniors Find Independence With Reverse Mortgages | Minnesota Reverse Mortgages SIDAC

  21. Pingback: TV Show Discusses Facts & Uses of Reverse Mortgages | Minnesota Reverse Mortgages SIDAC

  22. Pingback: Hearing these statements are reasons to do a reverse mortgage | Minnesota Reverse Mortgages SIDAC

Leave a Reply

Your email address will not be published. Required fields are marked *