Reverse Mortgage Success Story... Another use for this Financial Tool.

I am often asked why seniors would put a Reverse Mortgage against a home that they have spent years paying off, or perhaps they own free and clear.

There is really many reasons a senior may want or need to take out a Reverse Mortgage.

What I most often explain is that a Reverse Mortgage is merely a “Financial Tool” for senior citizens… a tool that can be used for many different purposes. Yet it is not necessarily a tool that is for everyone.

I’ve decided to post “Reverse Mortgage Success Stories” on my site from time to time.

Almost every HECM (Home Equity Conversion Mortgage) that I have closed with a senior citizen, has had a unique reason for taking a Reverse Mortgage against their home. I think over time you will see the many reasons a Reverse Mortgage is a great tool for a homeowners 62 and over.

Just this week I closed a Reverse Mortgage for a great woman named Barbra. She lives just south of Portland. Barbra is in her early 70’s and lives in a home her late husband built over 30 years ago.

Barbra still works everyday for the families sewing business. She has been a seamstress for over 40 years. She works because she loves what she does, but she also needs the added income for her outgoing debts.

Barbra has owned the home free and clear in the past. A few years ago she took out a loan to do some remodeling and other home improvement items. She had a total mortgage payment of $1,300 a month.

With the equity Barbra had in her home, combined with her age, we were able to close a Reverse Mortgage for her in less than 3 weeks. She no longer has a mortgage payment worry about paying, and she opted to take a generous lump sum payment for the remaining balance allowed to her.

Now Barbra doesn’t need to work for the income to cover her old mortgage, but she can work merely because she wants too. Personally I think Barbra will take much more time off to enjoy her grandchildren and only sew for hobby. We’ll see.

I have really enjoyed working with Barbra. I am glad I was able to help her. I have made great friends while specializing in this program.

If you want to know more about this program for you or someone you know, please don’t hesitate to contact me. I can provide you with literature or even a snapshot of what a Reverse Mortgage may be able to do for you. Of course there is never an obligation to see what you may qualify for.

Contact me anytime, and thanks for reading ~Bryan

email: Bhusen@sunsetmortgageco.com