Reverse Mortgage Report - Part 1
This is the first part of our new Reverse Mortgage Report series where different seniors share their reverse mortgage experiences with us.
William Shaw
I retired last summer and I was kinda worried about how I would be able to meet the rising costs of living with my meager pension checks. Luckily my wife and I had been able to provide for a home of our own before our twilight years. We discussed among ourselves our retirement planning finances. My wife suggested we meet with a reverse mortgage counselor whom she had heard about through some of her closest friends. First I was not sure if this was a good idea. I thought we would lose the rights to our own home or they would sell our house before giving us finances or something like that. But my fears were calmed after speaking with the counselor. We had a patient, smooth and long talk with the counselor who was able to understand our financial situations and she suggested us appropriate financial plans and she helped us decide whether a reverse mortgage was the way to go for. We could continue to stay in our same old home, while we would get a monthly payment from the lender. This would improve our financial situation considerably, and we didn’t have to be seen asking for money from our children who are facing the world on their own with their limited incomes. I think reverse mortgage was a perfect fit for meeting our financial obligations while still staying in the same home. We made the right decision then and there and never looked back. We are comfortable standing on our own legs now, with dignity, and we spend our time like any elder couple would. I recommend reverse mortgage as something to explore for older couples looking to obtain financial security or to meet general living expenses when finances are tight, especially during these days when costs of living have gone up.
