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I just recently completed a Reverse Mortgage Transaction for a client that I would like to share with you.

I was contacted about two months ago from a Financial Planner in regards to a client of his that was spending her retirement investments faster than he was comfortable with. She had about 18 months left of savings.  He asked if I could give her a call to see if a Reverse Mortgage would be a good product for her. 

I had a great conversation with this lady and had learned that she have a Pay Option Arm Mortgage that was adjusting and she was paying the less than interest only payment and the current mortgage pay off was $207,000.  Her minimum payment was $807.00 per month.  She was not aware of how this product worked. (my opinion is the Countrywide Loan officer that used this product for this lady should be in jail)  There is no reason why she should have a pay option arm.

The number one goal we had to achieve was to control her cash flow and preserve her retirement investments. 

We did a reverse mortgage for this lady and had just enough funds from the equity of the home to pay off the current mortgage and save her the $807.00 a month.  We than were able to stop her from having to continue to take withdrawals from her retirement investments and see if we could build the funds back to a more comfortable level. 

After this transaction was completed, I received a big "Thank you" for the client, her family and the financial planner.  The reverse mortgage was able to save her home, improve her quality of life, provide her family with less stress and allow her savings to build.

Reverse mortgages are not for everyone and they do have their fit.  If you think you would like to learn more about how reverse mortgages work or can help you, please give me a call