Reverse Mortgage Resources
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Remain In Your Home
Penny D. - Washington
In 1983, Penny knew she was making a wise investment when she purchased her condo, but only later realized how attached she’d become to her waterfront oasis. At 63, she was approaching retirement age after a rewarding 35-year career as an 8th-grade English teacher, and knew that she needed to consider her financial situation. She’d already refinanced once, and was considering another home equity loan to increase her cash flow. But the current mortgage payment already consumed nearly half her income, so a higher payment was out of the question since anticipated social Security payments and her modest pension would still leave her short. Resigned, she tearfully put the condo up for sale and started making plans to move in with her daughter. “It broke my heart to think that I’d have to leave my home that I loved so dearly,” said Penny.
While researching financing options she discovered Reverse Mortgages. Penny found out that she was able to qualify for a fixed rate reverse mortgage that allowed her to pay off her $150,000 mortgage, then took the remaining $27,000 in a lump sum which she’s keeping safe for a rainy day. “With what could happen to Medicare and Social Security in the coming years, I just don’t want to have to worry.” Now, the money she used to spend on her monthly mortgage can easily pay for condo assessments, fees, taxes and any unexpected expenses, as well as a few extras now and then. “In America, everyone can find their passion, and enjoy a life doing what they want to do….you just have to know where to get help, and you can achieve any goal,” Penny shared. |
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