I want to share with you a story that was one of the highlights what this business is all about. It demonstrates how we as reverse mortgage professionals can make a difference in a family’s life.
I was contracted by a lender working with a realtor looking for property for a retired couple moving from southeast Missouri to the Kansas City area. They had sold their home and planned to relocate closer to family members. Plans were to use cash equity proceeds from the sale for a conventional mortgage purchase.
Several discussions were held and a meeting to discuss financing arrangements including a traditional mortgage or the HECM FHA purchase program. They were wary about the reverse mortgage program as they hadn’t heard about the program for seniors age 62 and over. After a detailed program explanation, they decided to apply for a HECM purchase.
They had determined their price range and based on the reverse mortgage estimate, they could put cash equity from their sale plus cash proceeds from the reverse mortgage purchase their new home and have no future payments for as long as they live in their home.
Application documents were submitted and we closed their loan about five weeks later, I will never forget that day. When we were done signing the closing documents, the wife looked at me with a twinkle in her eyes and said, “Well, when we started this process I thought this sounded to good to be true, but it's true!” They were so happy that they didn’t have to make monthly mortgage payment as cash from reverse mortgage helped them fund their home and give them peace of mind.
www.pwneufeld.com
Tuesday, January 5, 2010
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