The Mortgage With Heart

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When I began originating Reverse Mortgages a few months ago, I learned about a completely unknown arm of the Mortgage Business to me.  Although I have more than thirty years experience in the mortgage industry, I’d never worked on Reverse Mortgages.

Now that I have, I am happy to report that working with Seniors on Reverse Mortgages is one of the most gratifying experiences I have ever known in mortgage banking.

The seniors I’ve been blessed to work with have taught me quite alot.  Most of them, for example, have virtually no debt — and that includes their homes.  Somehow these folks have learned to balance their budgets and manage their money so well, that they are now living a reality my generation can only dream about:  being debt free.

Not only that, but my clients have been the kindest people I’ve encountered ever.  I am still in touch with many of them, and in fact, am sort of an “adopted daughter” for a few of them. 

Since my parents are both deceased, it is wonderful to have acquired these wonderful people as extended family.

And what about their stories?  They will warm your heart.  You see, while these seniors are managing their money and being very frugal, many of them have most of their assets tied up in their home equity, and are living on a very tight budget from month to month.

The loans I have helped put in place did the following:

• Sandy was in her late seventies and still working 6 days a week at a senior center.  When she got her reverse mortgage, she quit her job, purchased some new furniture for her home, is going to the spa three times a week and she says she’s never been happier.  Oh, and another part of her life change?  “Now, when I go out with my friends for dinner, they don’t have to buy.”
• Roberta is a widow and was also on a very tight budget monthly.  After her reverse mortgage was in place, she did some at home decorating she’d wanted to do for years, now attends dancing classes frequently, and is able to invite people over to cook for them.  (see a pattern here?)
• Helen is caring for her critically ill husband – all alone.  She needed in home improvements for wheel chair access and extra money so she could obtain at home health care.  She also did major internal improvements that were long overdue and can now sigh a breath of relief — not having to worry about money.
• Harvey and Sandy could not sell their home and were sitting on a very large amount of equity.  Sandy suddenly took ill, and Harvey was very worried that he might have to come up with long term health care.  They did a reverse mortgage and now have access to a very large credit line which they only pay interest on when they use it.  Good news is Sandy is recovered, and Harvey has peace of mind in case something like this happens again.
• Herbert is a recent widower and getting used to living alone and doing all the house work his wife used to do.  He got a reverse mortgage, bought a new car, and is now planning trips cross country to visit his kids.
• Cynthia’s husband died suddenly and she found out the life insurance had been cancelled.  A rush was put on her loan so she could pay for the costs of the funeral and not have to worry about her own future, since she had no life insurance.

So, while the mortgage industry is struggling with a sullied reputation in some arenas, those of us doing reverse mortgages are truly making a difference for the ones we help.  And as we do, our benefits are outside of words.

Now here’s the “secret” I alluded to before.  Many of the seniors I have met are really struggling from month to month and no one in their families know it – because they are very private and very proud.  Even after we close their loans, they always make me assure them that no one else will know about it.

So, if you have friends or parents who seem to be doing “ok,” it is possible they are not doing as well as you might think.  Guide them to at least learn about reverse mortgages so they can, like my clients, experience more freedom, peace of mind and truly take a sigh of relief!

I guarantee you, it will be a great gift if you do!