Essay On Reverse Mortgage
I wanted to share with you a story that will show you how a reverse mortgage has helped someone to the point that I'd like to label it "perfect" for her. The perfect reverse mortgage...
I met "Ms. Smith" at an educational meeting in Boca Raton, her eldest son joined us to learn more and to see if a reverse mortgage was right for their specific situation. Her son and I spoke at length during and again after the meeting, and I spoke to Ms. Smith several times prior to meeting her to get her loan application completed and submitted.
Her story is like many I have heard over the years. She has come to the point in her life in which she simply needs more money every month to keep her budget in line with her income.
Her husband had recently passed, and as many of you know, when a spouse passes away, the social security benefit and pension benefits disappeared as well. When you combine a massive decrease in her 401k plan, the economic meltdown in the U.S., and of …show more content…
Kids become adults, and for those adults to be in waiting for the cash that comes as a result of their parents demise is simply not something that I have respect for. Especially when the senior is suffering financially and has the ability to tap into what they have amassed.
The reverse mortgage is designed to allow the senior homeowner access to the cash that they have built up as equity in their homes, plain and simple.
The reason that I call this particular situation the "perfect reverse mortgage" is this: When you look at what the senior client wants, the history of the property, the need for money, and the desire to remain in the home for the next several years, it all adds up to a perfect need for a reverse mortgage.
WHAT SHE WANTS TO DO
Ms. Smith is a happy woman, and has very clear plans for her future. She wants to live in the home for the next 5-10 years, and when she cannot physically keep up the property, she wants to downsize to a condo near the ocean.
SIMPLE
I met "Ms. Smith" at an educational meeting in Boca Raton, her eldest son joined us to learn more and to see if a reverse mortgage was right for their specific situation. Her son and I spoke at length during and again after the meeting, and I spoke to Ms. Smith several times prior to meeting her to get her loan application completed and submitted.
Her story is like many I have heard over the years. She has come to the point in her life in which she simply needs more money every month to keep her budget in line with her income.
Her husband had recently passed, and as many of you know, when a spouse passes away, the social security benefit and pension benefits disappeared as well. When you combine a massive decrease in her 401k plan, the economic meltdown in the U.S., and of …show more content…
Kids become adults, and for those adults to be in waiting for the cash that comes as a result of their parents demise is simply not something that I have respect for. Especially when the senior is suffering financially and has the ability to tap into what they have amassed.
The reverse mortgage is designed to allow the senior homeowner access to the cash that they have built up as equity in their homes, plain and simple.
The reason that I call this particular situation the "perfect reverse mortgage" is this: When you look at what the senior client wants, the history of the property, the need for money, and the desire to remain in the home for the next several years, it all adds up to a perfect need for a reverse mortgage.
WHAT SHE WANTS TO DO
Ms. Smith is a happy woman, and has very clear plans for her future. She wants to live in the home for the next 5-10 years, and when she cannot physically keep up the property, she wants to downsize to a condo near the ocean.
SIMPLE