Enjoying retirement with a Reverse Mortgage
As we look to staying warm during the winter season, I thought I’d share with you a few of the many client stories that have warmed my heart through the years showing where the reverse mortgage made a difference in the life of seniors.
There have been numerous situations where I have done a reverse mortgage and saved a senior’s home from foreclosure. One in particular had already gone through the sheriff sale. Working with an attorney we were able to help her buy the home back on the last day. We had to jump through many hoops to make it happen but the client was able to stay in her home of many years. She was so appreciative! It always warms my heart when we can help a senior stay in their home as they desire especially saving the home from foreclosure.
Helen really wanted to stay in her home basically no matter what. Her husband was in a nursing home and she was having some health issues so initially her family wanted her to move to senior housing. After talking with them and her social workers I tried to convince Helen to move. Then I received the call from her family saying Helen really wanted to stay in her home and they wanted me to do the reverse mortgage for her.
It was challenging from the standpoint that Helen had some early dementia and couldn’t remember things unless I wrote the answers to her questions under her question – even though the answers were written in my handouts and in my book, the only way Helen could connect the answer to the question was to have them written together. I remember spending a day, yes over 8 hours, with Helen to explain the details then another day to do the application and there were numerous phone calls and mailings in between. She had an attorney involved and had set up a power of attorney but Helen was independent enough to want to be involved through the process. During followup conversations with Helen I found that she did understand the reverse mortgage as a result of my taking so much time with her.
After many conversations with and then with the blessings of her family, social workers, and attorney we did the reverse mortgage for Helen. She was able to stay in her home until her death about 5 years later. Through the years I heard from her caregivers on how the reverse mortgage had made a difference for Helen. When she passed away the family called and asked me to attend her funeral because I had made such a difference in her life. Helen was one of the most challenging clients for me but it was a good feeling that I was able to help her fulfill her dream of staying in her home and that I had also made a difference for the family.
Lucy needed some extra funds to be able to stay in her home. She was cutting back on expenses like getting her hair done, cut off her cable TV service, just the little things that can give a person their dignity. When we did the reverse mortgage for her she was able to receive the services that returned her dignity. Lucy was a sweet independent woman that I always enjoyed talking with even after the loan was closed.
Fulfilling dream with a Reverse Mortgage
Carol had wanted to see a play in England that was going to end shortly after she had contacted me about doing a reverse mortgage. We closed her reverse mortgage and it was funded on a Wednesday. Thursday she was on a plane to London to fulfill her dream and see the last viewing of the play that Saturday. It gave me great pleasure to be able to help her fulfill her dream.
The reverse mortgage allowed Len to retire so he and Mary could live in their retirement home closer to their children. At the age of 70 Len was still working many hours and it was difficult for him. He and Mary owned two homes (one close to work and the 2nd close to their children) and was continuing to work in order to make the mortgage payments. Doing the reverse mortgage allowed Len to retire because by paying off their current mortgages the mortgage payments were eliminated. Len and Mary are enjoying their retirement living in the home closest to their children as their primary resident, keeping the 2nd home as their vacation home. I talk with them several times each year and they are so relieved and thankful for the reverse mortgage. Their family has also told me the difference I have made in their parent’s life. This situation too warms my heart because of the difference the reverse mortgage has made in their life.
These are just a few of the stories that have warmed my heart – each and every one of my hundreds of clients have touched me in one way. I feel blessed to be able to make a difference in the lives of seniors and help them stay in their home with security, independence, dignity and control.
Read some other articles with additional stories at: “ Reverse Mortgages Help Celebrate Independence;” “Reverse Mortgages Finance Home Care;” “Finance Retirement With A Reverse Mortgage;” “Reverse Mortgages Answers Prayers;” and “Know A Senior Who Wants Security, Independence, Dignity And Control? A Reverse Mortgage May Be the Answer!”
© 2010 Beth Paterson , Beth’s Reverse Mortgage Blog, 651-762-9648
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