A Reverse Mortgage Turns a 73rd Birthday into a Happy One!
It was the night of my 73rd birthday. For the last month, I had been looking forward to dinner with my family at my favorite local restaurant. As I looked around that dinner table, surrounded by three generations, I realized that even if I wanted to, I wouldn’t be able to afford that dinner bill.
Fortunately, I didn’t have to. My children are doing well, established in their respective careers. My son has a family of his own and I am very proud of both of them.
My mortgage payment was nearly half my monthly income
Although I knew the meal was their gift to me, I could not get that thought out of my head. If I had to pay for that meal, I’d be in real trouble for the rest of the month. With my car note, mortgage loan and small credit card bill, I don’t have much left over. The more I thought about it, I realized my mortgage payment alone is more than half of my monthly income.
A refi generated money to pay wife’s medical expenses
I had to refinance my mortgage three years ago when my wife was first hospitalized after her heart attack. We needed the cash. To keep the payment as low as possible, we signed for a 30-year loan. Even though it was affordable at the time, it has become a burden after she died.
Let’s face it—I won’t live to 100--the year when I will have completely paid off my mortgage. Knowing I will not outlive the mortgage is another reason it feels like I am throwing my money away. It’s because of this that I was intrigued by the reverse mortgage program.
I made an informed decision to get a reverse mortgage
After carefully researching the reverse mortgage program, I decided to move forward. My children fully supported this decision. They aren’t worried about their inheritance. They care much more about my quality of life now.
By eliminating my monthly mortgage obligation, I was able to pay off all of my credit-card debt. I doubled the size of my auto payment until I paid the car off. My monthly expenses now include my property taxes and homeowners insurance.
I am thrilled that I was able to take advantage of this program. It has made a dramatic difference in my life. Far too many seniors are struggling, and this is a benefit all seniors should learn more about. One call really changed my entire retirement outlook.