Our home is "WORKING" for us
Submitted by George E. Goth
Harvey and Jane Jensen (not their real names) have lived in
Arvada since shortly after they were married in 1965. They still
live in the same three bedroom ranch-style home they purchased in
1970. They love their home and have no desire to move.
Harvey's income situation changed drastically in 1998 and they
were forced to take out a home equity loan-just to make ends meet.
Just recently, Harvey was considering retirement, but they were
concerned about their ability to continue making the monthly loan
payment.
Their oldest son suggested they check out a government
guaranteed Reverse Mortgage. He told them he knew they would
qualify since they were both over 62 and had equity in their
home.
I met with the Jensen's recently and provided them with a
complimentary, no-obligation, analysis of the Reverse Mortgage
program and the funds available to them. They were pleased to learn
the funds received from a Reverse Mortgage have no impact on Social
Security and Medicare benefits and they did not have to meet any
income, employment, or credit score requirements to qualify.
Following my meeting with the Jensen's, Harvey and Jane attended
a free counseling session with a HUD approved housing counselor.
This is a requirement for obtaining a Reverse Mortgage. They left
this session feeling even more comfortable with their decision to
take out a Reverse Mortgage on their property.
Based on the $193,000 value of their home, the age of the
youngest borrower (69), and the current interest rate, the Jensen's
had $102,000 of
tax-free funds available. After paying off the existing
mortgage of $38,000, Harvey and Jane had $64,000 to use however
they wanted.
The Jensen's wanted to receive a monthly payment (guaranteed as
long as one of them lives in their home) and leave the remaining
balance in a line of credit to use as needed.They decided to use
these funds to remodel their kitchen and upgrade the
landscaping.
Harvey said, "The Reverse Mortgage is really great. We paid off
our loan, set up a guaranteed monthly income, and now we can
finally make the improvements we've wanted to make for some time."
Jane added, "All of this is possible without having to make monthly
mortgage payments. We are now making our home work for us. What
could be better than that?"
George E. Goth is a
Reverse Mortgage Specialist with Universal Lending Corporation
www.ggoth.ulcreverse.com
ggoth@ulc.com
303-420-9601