A Variety of Reasons for a Reverse Mortgage / HECM
By Rebecca Rainsberger
Learn how a reverse mortgage can help you gain greater financial security, and a better retirement. Read why 9 of your neighbors got a Reverse Mortgage or a HECM (Home Equity Conversion Mortgage). These 9 different examples may be your story too.
1.) 90 years old and still walking without assistance. Has caregiver 2x a week drive her to grocery store, DR’s appointments and helps her shower. Miss Emma wanted the reverse to take 18 grandchildren on a cruise. She had never been on a plane or a boat and she wanted her grandchildren to receive their inheritance with a vacation they would not forget. Her caregiver went with her.
2.) Clair in Pe Ell loved dogs so much, she was feeding all 15 of them and not herself. She needed to give her dog rescue business to someone downtown. Her reverse mortgage replaced her siding and roof. She also needed more income. She was able to be an assistant with a younger dog rescuer who also found those 15 dogs’ good homes.
3.) Eddie and Gayle in Renton paid off their existing mortgage payment and kept the remainder in a Line of Credit they used only for emergencies. After 2 years, they were very grateful they had done the reverse mortgage. Eddie fell and was permanently placed in a wheelchair. They could afford to get a ramp built over the stairs to their house and have the 1st floor bathroom modified for him.
4.) Sue and Dave in East Puyallup were able to pay off their mortgage and receive money for a new roof on their house and their detached garage. They took the remainder of the money available and paid off every credit card. They kept only their Costco card.
5.) Ellen and Rick in Sumner also paid off their mortgage with the reverse mortgage and took half of the remaining amount and paid off their 2nd vacation home mortgage in Idaho. 3 years later they did a reverse mortgage refi and had their floors and windows upgraded. They will qualify again, most likely, for a 3rd Refi, after another 2-3 years.
6.) Paul and his lovely wife, Donna, in Tacoma did a reverse mortgage for in home care needs. Donna had dementia and Paul had become her caregiver. Donna went through a good year of ‘sundowners’ stage and she would keep Paul up all night. He hired a caregiver for 4 nights a week. Paul got 4 nights of solid 8 hours sleep.
7.) Glendora in Gig Harbor did a reverse mortgage to receive over 400K to pay for her husband to enter an Alzheimer’s care community. It was near her house and she would be with him every day from 8am to 7pm. She could sleep comfortably knowing he was taken care of through the night. She loved sitting next to him and talking all day while the caregivers were helping feed and dress him.
8.) Ben in Belfair did a reverse mortgage on his house to pay for his son’s first house. Ben paid for almost half the price with his down payment. He wanted to “Give it to him now, when I’m alive!”
9.) Ginger and Ron on Bainbridge Island lived in a beautiful fully owned house on the waterfront. They were working part time and Ginger’s mother was in a skilled nursing home. She had not been speaking much and was very inactive. The nursing home was notifying Ginger that her mother was basically out of money and they would need to move her to a Medicaid nursing home. The reverse mortgage they did was specifically for her to stay for at least 2.5 more years at the nearby nursing home.
Article Written by:
Reverse Mortgage Advisor
AAG | American Advisors Group
Toll Free: 866-948-0003 ext 7152
Address: 4423 Pt. Fosdick Dr. Suite 100-12, Gig Harbor, WA 98335