Not the Retirement Bill and Betty Had Imagined
Betty had always looked forward to Christmas and being surrounded by her family. But over the last few years, she had started to dread it. She still looked forward to being with her kids and grandchildren, but she and Bill could no longer afford to buy presents for their family.
They’d carefully planned for retirement
She and Bill had retired comfortably and had looked forward to being able to pursue their hobbies, catch up on their reading and spend time with their grandchildren. They’d paid off their mortgage and were debt free. But inflation had taken its toll, and health problems had forced them to max out their credit cards. High interest rates forced them to cut back on everything.
They’d seen the ads for reverse mortgages, and they’d done some research, but they remained skeptical. They talked to a few people and the responses were either very positive or negative. Their neighbor, a retired financial advisor, was adamant about their not investing in a reverse mortgage. Yet when their son made an appointment for them with a local lender, they went to the appointment with an open mind.
They were pleasantly surprised by the reverse mortgage presentation
They learned that there were options in the way the reverse mortgage home equity program worked. In their case, the biggest priority would be to pay off their credit-card debt and its punishing interest rates and build up some cash reserves. This would go a long way towards providing a comfort zone and improving their lifestyle.
Bill and Betty left the office feeling more optimistic than they’d felt in a long, long time. After talking with their kids and another friend, they decided that a reverse mortgage was a good solution for them. It not only got them out of debt, but it dramatically improved their lifestyle, providing the security they hadn’t felt in a very long time.