Reverse Mortgage: Just the Break We Needed
When I first called in to learn more about this program, I was hesitant to share my story. I’ve lived in my home for more than 25 years. I finally paid off my mortgage five years ago. Unfortunately, my husband had several strokes that set us back financially.
With mounting medical expenses and dwindling savings on our fixed incomes, we got behind on our property taxes. If we did not get caught up, we’d be at risk of losing the property to a tax sale. Fortunately, I came across an article on the AARP website about reverse mortgages. While I’d heard about this program from TV ads, I actually knew very little about how it worked. I decided I needed more information.
After speaking with several lenders, I found the right program for us.
With our reverse mortgage loan, we were able to finally pay off our back taxes. We set up an account to handle our taxes and insurance for the next 15 years. We are now using home equity to secure our future in our home. We could not be happier with our reverse mortgage loan. For us, it truly was just the break we needed.