Making Ends Meet: Lifesavers Part 2

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Making Ends Meet With Reverse Mortgage Help

Reverse Mortgage To Help Pay DebtReverse mortgages offer one solution to many of today’s pressing financial issues, such as dwindling retirement funds, minimal Social Security checks (next year’s increase is just a drop in the proverbial bucket), necessary home repairs/improvements, and much more.

Grateful reverse mortgage qualifiers eagerly express how a reverse mortgage helped them make ends meet. Here’s one woman’s thank-you letter to her reverse mortgage company (Security One Lending):

“I’m writing to let you know how satisfied we are with our reverse mortgage. You know how I hesitated in the beginning. But you never pushed! You and your colleagues were so supportive. You explained over and over again so that I fully understood the process.

“We were in dire financial stress, running low on money at the end of the month, not able to save any, and you showed us a way out. Thank you so much.

“I will say Kathy (Halliday) is an invaluable assist to your company. She was a lifeline when I needed one. Everyone I met or worked with was so considerate and helpful. My! How you must have gotten tired of my phone calls! But, none of you ever left me hanging.

“Yes! We would recommend a reverse mortgage to all our friends, as long as they choose your company to handle it. It has freed up our lives and given us a better quality of life in our retiring years. Thank you for your direction and guidance.”

Reverse Mortgages Help pay Debt

The Redding Record Searchlight reported how two senior men found reverse mortgage to be the answer for their financial needs. Frank Cheatham, an 80-year-old Redding resident who owns two paid-off duplexes, opted for a reverse mortgage to help his son pay down debt. Since his son would inherit the properties someday, the reverse mortgage made use of a future bequest to solve an immediate need. Cheatham also used some of the reverse mortgage loan for home maintenance.

For 68-year-old Burney resident Rod Armstrong, a reverse mortgage became the means to supplement his Social Security and other retirement income. The retired airline pilot says he and his spouse updated their home’s carpeting, and are planning a few trips as well.

Both Cheatham and Armstrong deposited their reverse mortgage loans into accounts they can draw from as the need arises — a smart move.

Lifesavers Part 1: Preventing foreclosure

Preventing Foreclosure

How To Prevent Foreclosure With Reverse MortgagePersonal success stories are a powerful vehicle to imprint the value of a product or service in potential clients’ minds. The following true tale will brighten your prospects’ holiday season.

Reverse Mortgage To Prevent Foreclosure

Reverse mortgage was a lifesaver for 77-year-old Isidoro, who had been in foreclosure due to the current economy. By the time he contacted Security One Lending, Isidoro was on the verge of losing his home to foreclosure within a few months. He was faced with moving out of his home and trying to find a rental somewhere on a Social Security income of just $800 a month, which would have left him with precious little money for food and other necessities.

Security One’s loan advisor quickly realized that the home’s value was in decline — something many Americans are experiencing now. Chase Bank had tried for the better part of a year to “short sale” the home, with no offers. Fortunately, the bank has a program to accept a reverse mortgage in lieu of a short sale.

Security One Lending negotiated with Chase Bank over several months — and several foreclosure extensions — to ultimately shave a whopping $182,000 from the principal note balance. Additionally, the loan agent was able to drastically reduce the reverse mortgage loan fees to allow the client to qualify, and have his existing Chase Bank loan paid off in full — which kept him from losing his home.

Isidoro retains full title to his home, and can never lose the house due to non-payment. That’s a true holiday gift!

In Part 2, we’ll hear from seniors for whom reverse mortgage means relief from financial stress.