Rob and Emily celebrated the 35th anniversary of living in their home.
In many ways, they loved the old place more now than the day they bought it. They were retired now, with plenty of time to do little repairs and improvements, which gave both of them great joy.
Unfortunately, disaster struck.
The old plumbing, made of galvanized pipe, “disintegrated in places from acid in the soil.” That’s what the plumber told them when he presented them with an estimate of $8,900 for new copper pipe! Rob and Emily were devastated. They did not have that kind of money. It looked like their life circumstances would outlive their financial resources.
Rob tried to get a regular “forward” loan, with no takers since he no longer worked and therefore had no cash flow to pay back the loan. It looked like Rob and Emily would be forced to sell their home at a substantial discount since the plumbing issue would have to be the responsibility of the buyers.
Rob contacted his cousin who was an Insurance Agent for advice.
The cousin helped Rob arrange a Reverse Mortgage, through a lender, to provide the lump sum for the plumbing problem along with additional monthly income for as long as they lived in their residence.
1- A Reverse Mortgage provided cash to pay for the plumbing rehab.
2- The Reverse Mortgage provided a monthly income check for as long as they lived in their home.
3- All this with no monthly mortgage payment.
CALL ME FOR A FREE CONSULTATION TO DETERMINE IF A REVERSE MORTGAGE MAY BE OPTIMAL FOR YOU, YOUR FAMILY OR FRIENDS
(909) 273-5556 / (760) 407-6740
HOME FINANCING, INC.