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Tuesday, January 28, 2014

Mr and Mrs Smith - Age in Place with a REverse Mortgage


The Smith’s

Mr. Smith retired from a government job and had a meager pension.  In order
To pay off debt and make their lives more comfortable Mr. Smith took out a reverse mortgage.  At the time Mrs. Smith wasn’t 62 so she couldn’t be a part of the loan. 
Once she turned 62 it would be important for her to be put on the loan so that if something happened to Mr. Smith she wouldn’t have to settle the loan.
Last year Mr. Smith was diagnosed with terminal lung cancer and Mrs. Smith hadn’t applied for a reverse mortgage to put her name on title.
The Smith’s called me to see if I could help because if Mr. Smith passed away Mrs. Smith would have to sell her home.  She wasn’t working and couldn’t afford a house payment. I did an application with Mrs. Smith and all went well and the loan closed.  Now Mr. Smith and Mrs. Smith can enjoy their remaining time together without worrying about Mrs. Smith having to sell their home and find a new place to live. 
The reverse mortgage was a wonderful tool for the Smiths to get the money they needed to live while never having to make a payment on their fixed, limited income.
This is why I do what I do and love it.  I improve the quality of life for seniors and help them to Age in Place.


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