Reverse Mortgage Report - Part 2
This is the second part of our new Reverse Mortgage Report series where different seniors share their reverse mortgage experiences with us.
Corey Holt
After my husband passed away I felt lonely and overwhelmed trying to pull our finances back together in working order. I have always been an independent person, never to depend on others (not even dependent on my parents since the time I was a teen). I worked double jobs part-time to get through college. Luckily my college education has stood by me guiding me through thick and thin. I used to go the local park and spend time there watching the fountains and the playing children, the clouds and the grass and the evening walkers, sometimes with their pets. This was my only contact with the outside world. I effectively isolated myself from the world as I tried to come to terms with my life as it stood. I hired household help on the advice of my daughters so I could have someone to talk to, at least during the day.
Once when speaking with my hired help I came to know of how her mom had taken reverse mortgage on her home to help her pay the bills and live a financially secure life. She arranged a meeting for me with a reverse mortgage agent (counselor). Then I found that I could use a line of credit for performing home repairs on our home and make it more livable and I could continue to live in it and the amount only becomes repayable after I have passed away. My daughters live 1500 miles from here and they probably will not need the house for themselves so I decided to sign up for the reverse mortgage plan. I used the moneys to perform remodeling and repairs on the decades-old home. I also got myself a nice little income from the bank to help take care of the bills. I couldn’t be happier that our finances are well taken care of now.
