I am writing because my father worked hard in the die casting shop of a major utility for 30 years. I know I'm speaking to the choir when I say things have changed since our fathers were in a Union before the offset of economics began to outweigh the working class.
Ok so that said, My father was asking me about a Reverse Mortgage because thats what I do. He said "what the hell do I do if I can't keep the house Jr. Your mother is looking in Mesa Az." My father must have been going crazy to ask me for advice. So I quickly ran down his financial situation. He had money coming in, but because a second was taken out to cover their debt a couple of years ago we agreed that taking out another loan from the house ( a third mortgage) would only set them back further. We quickly ran the numbers and we found they still had substantial value in their home which had doubled and tripled in value since they first bought it in 1966. With improvements the house was now worth 700k. I told him the first thing is you now owe $1400 per month and have about 400k in equity. If you'll settle for about half of the houses worth as a cash payment we can take care of this debt right now and you can keep your $1400 in your pocket.
He was suprised to hear this. I told him its how things are done nowadays. "Well, then do it for your Mom then." I detected a slight sense of joy in his voice.
Now when we go to Glamis, I see my parents having more fun than the kids. I wanted to relate this story to you because I am an agent myself, with a family and parents. My kids look up to their grand parents as hard working and caring people. I know its hard to say to your kids "We need the money." But it only makes sense that you take what avenues you have available to live life after work, and the senior lenders reverse mortgage is one way to do just that. Contact us at 800-681-3340 or email us at info@seniorlendersreversemortgage.com
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