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Posted by LkArrowhd/CA on 2/5/06 2:59pm
I did a reverse mortage just a few weeks ago, for a 74 years young lovely lady, she was extremely bright, alert, interested and at a loss of how she was not going to support herself. She had lost her husband of 56 years in June of 2005. He went to lay down on a Sunday afternoon and never woke up, she was grateful he went peacefully. They did everything together in those fifty six years, except discuss the money situation if one passed. According to the packet of info, he had spent his life in construction and I would assume that offered no retirement. She assumed she would be able to collect his FULL social security after he passed but no, it was only half she could collect. She was a woman that had decided to be a stay at home when they began having children, so she also had no real retirement. Her income was just under $800.00. Her goal at this stage of life was to just remain in the home she loves, in the mountains she so loves, pay her bills(none to speak of- just phone, ultilities etc.). This woman has lost the love of her life and all she asked is to remain in her home(paid for of course) go to her favorite market where she is always greeted by the store staff with hugs and how ya doins. She is not interested in travel, expensive dinners or dating, just wants to be in her home with her little dog "Little Bit" and live out the rest of her years. So for her, the reverse mortage was her only alternative for that additional income she so needed, the house needs a new roof as well as a few other improvments. This could absolutely be one of us in the future. Our seniors are vital! |
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