With The New Reverse Mortgage the journey is as important as the destination
For every Reverse Mortgage “horror story” there are thousands of families like yours who are thankful they have The Reverse Mortgage to help them enjoy a secure retirement. Most of the media stories about The New Reverse Mortgage focus on the process and overlook the value the product brings to senior homeowners.
Getting a Reverse Mortgage is not an event, it’s a journey.
Like any other journey it’s your experience along the way will have an influence on how you feel about your destination.
At a recent reverse mortgage industry conference, these homeowners shared their first-hand experiences of the home equity conversion mortgage (HECM) product.
Homeowners share their New Reverse Mortgage experience
JoAnn Horton, a homeowner from Gary, Ind., started to look into the reverse mortgage product after a bad storm had ripped the roof off of her house. She had started the process of getting a reverse mortgage and expected to close the payment gap for the roof with the proceeds. By the time she was actually able to get her roof fixed she was $27,000 in debt.
She did the entire process over the phone with a lender in Indianapolis and did not get enough from the loan to make up the difference.
“When it got down to the end and time for me to sign the paperwork, it was not the same paperwork I had seen before,” Horton said. “It was not the same numbers. I wasn’t going to sign any of it, but we negotiated a little bit more, but I still didn’t get what I wanted.”
“I do think [a reverse mortgage] is a good idea,” Horton said. “If I didn’t think it was a good idea I don’t think I would have done it in the first place. If I had met these people and had done the whole thing face to face I think it would have turned out differently.”
Getting it done the right way
Diane Scholtes, a homeowner from Chicago, shared her story about learning about the reverse mortgage product from a friend as well as from commercials on TV. After having to quit her job, she was determined to stay in the house she had lived in for 30 years and raised her children.
“I had a wonderful young woman who really took a personal interest in me and she asked me about my bills, asked me about my finances, she explained what the whole process was like,” said Scholtes. “She wanted to make sure I really wanted to do it and that I’d explored other options. She even made a budget for me and told me when I could have all my bills paid off by doing these certain things after the reverse mortgage came through.”
The New Reverse Mortgage isn’t for everyone…but it could be!
Your Reverse Mortgage is likely the last mortgage related decision you’ll have to make. Don’t you think it’s worth the time to find a company that puts your needs ahead of corporate profits?
How do I know if The New Reverse Mortgage is right for me?
If you’re still wondering if the New Reverse Mortgage is the right solution for you but you’re not ready to sit down with one of our Reverse Mortgage Experts, then we’ll be happy to mail (or email) you Use Your Home to Stay at Home which is the official federally approved consumer booklet for those considering a reverse mortgage.
Some of this information first appeared on reversemortgagedaily.com