Mary and Larry were a happy couple in their 70’s who were enjoying life!    They bought their home five years earlier with the idea that it would be their last and forever home.  They had taken a 15-year mortgage, with its higher payment, to get mortgage free as soon as possible. 

When Larry passed away, not only did Mary miss his companionship but she missed the extra income he brought into the household.  Larry did leave her with a $200,000 life insurance policy and she got his $2500 social security check but lost her own $2000.   After going from two SS checks to one, she found her budget was tight.  She also realized there was a lot of deferred maintenance that Larry had never gotten around to taking care of.   If she was going to stay in this home, she’d need spend some money on the house and cut expenses (refinance the 15-year loan?).

When Mary went to the bank, she was told she didn’t have enough income to refinance the home and she was referred to Renee by her bank’s manager for a reverse mortgage.   Mary and her financial advisor reviewed the details Renee proposed and decided it was right to include the reverse mortgage in her retirement plan.

Here’s what Mary accomplished: she paid off her mortgage and obtained a line of credit which she can use any way she wants.  She has a budget she can sustain and she feels confident.  She can use the line of credit to pay her property taxes or for home repairs or vacation or for a new car or for anything she desires.   The best is she doesn’t have to make a payment on the reverse mortgage loan.  She does have to pay taxes and insurance and any homeowner association fees as well as maintain the home.   Keeping the majority of the life insurance proceeds from Larry’s death invested with her financial advisor gave her additional security. 

You don’t need to be referred to Renee by your banker or financial advisor, feel free to call or text Renee Duval any time for honest and direct answers to your questions about how a reverse mortgage can work for you.