Helen, in late 2003, was about two years removed from losing her husband Edward. She had not handled the family finances and was overwhelmed when faced with dealing with bills, monthly income, mortgage payments, and savings. There was only about $8,000 in savings at the time of Ed’s death. Furthermore, Helen’s monthly income was about $1,600 and the mortgage payment remaining on the home was just under $800 per month.

Finances were, needless to say, tight. Her only son lived up north, and tried to be helpful, but certainly was not in a position to give Helen money.Aside from having to clip coupons and live very frugally, Helen knew that going on her womens’ group cruise to Alaska in late summer of 2004 was not possible. Not possible until she discovered a reverse mortgage.
She saw a commercial on television and immediately assumed that a reverse mortgage wouldn’t be available in her situation because she still owed about $42,000 from a home equity line of credit that was taken out about six years before her husband’s death. Also, she didn’t know much about FICO score, but she was pretty sure hers was mediocre. She decided to call anyway to see what might become available for her in the future.
She found out a couple of important things when she called:
The home doesn’t have to be paid off

The reverse mortgage could actually pay off the existing mortgage.
Credit and Income don’t matter with a reverse mortgage.
She determined that this product might be right for her.She did the counseling that was required.It was only a half and hour and was quite helpful to her.She found out that the fees for a reverse mortgage were somewhat high.But she also, on closer inspection, realized that there was no other product out there that you didn’t have to pay back until she passed away. She knew she would have to pay it back if she moved out or went into a nursing home, but she was quite sure she’d be living out her days in her comfortable home where she had been for the last 18 years.

She got a reverse mortgage.The existing mortgage was satisfied, eliminating almost $800 per month. Helen got a line of credit of about $60,000. She went to Alaska with her friends and credits a reverse mortgage with brightening her golden years.

Helen, in late 2003, was about two years removed from losing her husband Edward. She had not handled the family finances and was overwhelmed when faced with dealing with bills, monthly income, mortgage payments, and savings. There was only about $8,000 in savings at the time of Ed’s death. Furthermore, Helen’s monthly income was about $1,600 and the mortgage payment remaining on the home was just under $800 per month.

Finances were, needless to say, tight. Her only son lived up north, and tried to be helpful, but certainly was not in a position to give Helen money.Aside from having to clip coupons and live very frugally, Helen knew that going on her womens’ group cruise to Alaska in late summer of 2004 was not possible. Not possible until she discovered a reverse mortgage.
She saw a commercial on television and immediately assumed that a reverse mortgage wouldn’t be available in her situation because she still owed about $42,000 from a home equity line of credit that was taken out about six years before her husband’s death. Also, she didn’t know much about FICO score, but she was pretty sure hers was mediocre. She decided to call anyway to see what might become available for her in the future.
She found out a couple of important things when she called:
The home doesn’t have to be paid off

The reverse mortgage could actually pay off the existing mortgage.
Credit and Income don’t matter with a reverse mortgage.
She determined that this product might be right for her.She did the counseling that was required.It was only a half and hour and was quite helpful to her.She found out that the fees for a reverse mortgage were somewhat high.But she also, on closer inspection, realized that there was no other product out there that you didn’t have to pay back until she passed away. She knew she would have to pay it back if she moved out or went into a nursing home, but she was quite sure she’d be living out her days in her comfortable home where she had been for the last 18 years.

She got a reverse mortgage.The existing mortgage was satisfied, eliminating almost $800 per month. Helen got a line of credit of about $60,000. She went to Alaska with her friends and credits a reverse mortgage with brightening her golden years.