A Reverse Mortgage May Have Saved Her Life

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Margie was a vibrant and active woman, younger in spirit and vitality than her 76 years would seem to indicate. But problems were mounting, life was closing in, and Margie was just about at her wits end.

You see, Margie’s beloved Bill had died some years ago, and his generous pension died with him, as it did not pay a spousal benefit. To compound Margie’s financial problems, due to Bill’s death her social security income was greatly reduced as well.

Margie was able to hang on for a few years by reducing her activities. She resigned from the local golf club where they had been members for more than thirty years, and curtailed her favorite activities with friends. Fewer lunches together, fewer theater dates, and travel was definitely out of the question.

But now things had progressed to a point that was no longer tolerable, even dangerous to Margie’s health. For you see, because of increases in day to day living expenses Margie was faced with making even deeper cuts in her lifestyle, and not just in those areas we might see as luxuries.

It had now come down to reducing her grocery bill, and worse, cutting her prescription pills in half to make them last longer. Some of these medications were of extreme importance to Margie’ quality of life, and even life itself.

There were medications to lower her blood pressure and heart rate, others to combat her diabetes. Without these medications Margie’s life was actually at risk, and she knew it.

Added to this of course was the stress Margie now experienced, knowing she was putting herself at risk, but not knowing what to do about it.

One day Margie saw an ad for what was called a ‘reverse mortgage’, a term with which she was unfamiliar. The ad described in some detail what a reverse mortgage was and how it could help a person in her situation.

Margie and Bill, like many, had relied on their pension and social security to provide a lifetime retirement income, but now much of that was gone due to Bill’s death. However, again like many, Margie and Bill had purchased their home many years ago, it was fully paid for, and had increased in value a great deal over the years.

Yes, Margie was ‘house rich and cash poor.’ But the ad gave her a glimmer of hope. Maybe this reverse mortgage could work for her.

The following day Margie called the mortgage specialist who had run the ad. She visited Margie at her home, explained the details of how the program worked, and told her there were many safety provisions in place to protect homeowners.

Some of the commonly held myths held by many were dispelled by the specialist. No, a person does not lose their home. Yes, the heirs will still inherit the home if the homeowner desires. No, monthly payments by the homeowner are not required at any time.

In fact, if the homeowner wishes, he or she can actually receive monthly checks, or simply take an open credit line and use the available cash as she sees fit, or both.

After a number of counseling sessions, including one mandated by an agency of the federal government, Margie signed the papers and received her reverse mortgage loan. She opted for the monthly check because she reasoned this would supplement her current income and allow her to live the life she was accustomed to, and more importantly, allow her to live her life healthy and stress free.

The details of a reverse mortgage are beyond the scope of this article, but feel free to contact us to receive a Free Report on ‘Answers to Your Questions About Reverse Mortgages.’

 

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