Rob and Emily celebrated the 35th anniversary of living in their home, which gave both of them great joy. Unfortunately, disaster struck when their old pipes broke and the plumber told them it would be $8,900 for new copper pipe. Rob and Emily were devastated. Then Rob contacted his cousin the Insurance Agent for advice, and learned how a Reverse Mortgage could pay for the repairs and provide them with monthly income.
The first 40 years of marriage were healthy and happy for Keith and Mabel. Now they were retired and Mabel suffered from a chronic and debilitating disease. The funds they set aside for retirement were just about exhausted due to the high cost of in-home care for Mabel. Keith was beside himself. Sooner or later, they would run out of money. But then they consulted their attorney, who suggested a Reverse Mortgage to solve their dilemma.
Ted and Sandy were savvy investors. Their stock portfolios were by far their largest liquid asset. It seemed right to put some money in another form of investment. They learned how they could use a reverse mortgage to eliminate their monthly mortgage payment and instead use the proceeds to purchase residential rental properties for their investment porfolio.
Paul and Wilma were born in California, however just after they got married they moved to Oklahoma. Ironically, both children grew up and moved their own families to California. Paul and Wilma were happy for their children, but they felt isolated and wanted to live much closer to the grandkids.
Their Realtor friend explained how a Reverse Mortgage could be used to finance half or more of the purchase price of a new home that is more expensive than the one they are selling. Paul and Wilma did just that and they still had $35,000 left from the sale to put in the bank for “a rainy day.”
Cathy and George were married for 46 years. Their home was paid for, they paid extra into the mortgage rather than into a retirement account. George had a massive stroke and died. Cathy was lost without him. She worried about how she would keep the home and pay all the monthly bills. Then she learned how she could use a reverse mortgage to give her peace of mind and security for a rainy day.
Lynn and Mary loved their home. It was everything they ever wanted. Both worked hard and had a lot to show for it. Now they were retired and enjoyed their three grandkids immensely. Lynn and Mary talked it over and decided they would figure out a way to get some money to their young progeny somehow. Their biggest asset was the home. They had lots of equity and not so much monthly income. The got a Reverse Mortgage, borrowing money by using the equity in their biggest asset – their home.
Jeff and Melissa were like two lovebirds. But Jeff had a massive heart attack and died. Melissa had no family to help her. She was ill-prepared to handle the financial affairs, since that had been Jeff’s job. Melissa was completely lost and on a meager income when she got the Notice of Default. She knew she could very well lose her home if she did not act fast. Melissa took her attorney’s advice and obtained a reverse mortgage that paid off her old mortgage and provided a monthly stipend for her living expenses as long as she lived in her home.
Bill and Karen lived in a very nice home in a good neighborhood. They saw no need to ever move away from their home. Bill was somewhat older than Karen. They spoke of what would happen when and if Bill passed away before Karen. They concluded that taking some more money with a Reverse Mortgage Refinance would make sense. Karen would have the peace of mind if cash was immediately available, assuming she needed the money.
Bob and Gloria worked hard all their lives to pay their bills, raise the kids, and put money aside for retirement. Cash flow was always tight and they were reluctant to travel on money that they preferred to set aside for retirement. Bob and Gloria had a lot of equity in their home. They thought they were stuck, until their financial planner told them how a reverse mortgage could enable them to take the trip of their dreams!
Steve and Nancy wanted to leave the mountains to a more convenient place with no snow, no ice and no Arctic winds. Although they had gobs of equity in their home, they could not qualify for a standard mortgage without sufficient income. Renting would just eat up their reserve cash sooner than later. Like so many others, Steve and Nancy thought they were stuck for life. But then they learned about getting a reverse mortgage!