Reverse Mortgage Resources
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Funding Home Projects
Bobby and Colleen B. - Mississippi
Colleen, 75, and her husband Bobby, 67, knew they needed some work on their 40-year-old home, so a Reverse Mortgage seemed like a good option. They were delighted when their home appraised for more than anticipated. With a Reverse Mortgage, they were able to pay off their existing mortgage, then take the remainder in a lump sum to fund home projects. “When we first started the process, we thought we’d have only enough money to do one of the projects, but we ended up with enough to pay for all three,” said Colleen referring to a new shower, a new roof, and the new carpeting they’re planning to install throughout their home. “It’s so much easier than a tub these days, I just love my shower,” exclaimed Colleen.
A recently retired CPA, Colleen now appreciates staying home more than she thought she would. She and Bobby agree that it’s comforting to know that they’ll always be able to stay in their home, and not have to worry about losing it “as long as those taxes and insurance are paid,” reminds Colleen. While they have enjoyed sharing their newfound sense of security with friends, most of them are quite a bit younger than the couple and unable to qualify for a reverse mortgage. “Bobby’s good friend is in his mid-forties, but I believe he’d do it in a heartbeat if only he were older!” said Colleen. |
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