The Last Word
Written by Karen Keating Friday, 31 July 2009 16:00
I have had the good fortune to work in the reverse mortgage industry for the last five years and have found it extremely rewarding. I feel fortunate to be working with my clients who provide the funding for reverse mortgages.
One of the greatest pleasures of my life has been watching senior citizens and others enjoy the benefits that result from reverse mortgages. Since I particularly enjoy working with seniors, I help my clients, mortgage bankers and mortgage brokers, conduct free seminars for seniors in which I explain the benefits of reverse mortgages. Thanks to these seminars, I have had the opportunity to meet and work with seniors from all walks of life, all of whom are brimming with different experiences. I have met seniors who have been married for over 50 years and I have had the privilege of listening to seniors explain what their lives were like decades ago. I think because seniors have lived so long and experienced so much they have a greater appreciation for life and all that it has to offer. Their families are their pride and joy and I have often been struck by the love and affection in their voices when they speak of their grandchildren. Their independence means a great deal to them.
One of the greatest pleasures of my life has been watching senior citizens and others enjoy the benefits that result from reverse mortgages. Since I particularly enjoy working with seniors, I help my clients, mortgage bankers and mortgage brokers, conduct free seminars for seniors in which I explain the benefits of reverse mortgages. Thanks to these seminars, I have had the opportunity to meet and work with seniors from all walks of life, all of whom are brimming with different experiences. I have met seniors who have been married for over 50 years and I have had the privilege of listening to seniors explain what their lives were like decades ago. I think because seniors have lived so long and experienced so much they have a greater appreciation for life and all that it has to offer. Their families are their pride and joy and I have often been struck by the love and affection in their voices when they speak of their grandchildren. Their independence means a great deal to them.
Reverse mortgages are the most effective way for monetarily strapped seniors to weather their economic hardships and take care of pressing financial obligations. I have closed numerous reverse mortgages and witnessed firsthand what the reverse mortgage can do for cash-strapped seniors. The benefits of these loans should not be underestimated. These instruments can give seniors the extra monthly income that saves them from foreclosure and allows them to remain in their home while also enabling them to pay medical bills and prescription costs. Reverse mortgages ease their financial burdens by giving seniors the funds necessary to pay off credit card or other outstanding debt.
Reverse mortgages can give seniors greater financial independence, comfort, peace of mind, or simply help them to smile again. In many cases, the reverse mortgage is obtained specifically so the recipient can remain in their home. Staying in their home, surrounded by their own belongings is very important to seniors. They benefit enormously from the security, comfort and peace of mind that a reverse mortgage provides. Just knowing that they will be able to spend their last years in familiar surroundings can add years to the lives of seniors. Many seniors are emotionally moved by this knowledge. These instruments can also enable seniors to enjoy more fully their golden years by providing additional funding for extras such as a cruise or a long desired vacation. I believe strongly in reverse mortgages because I have often witnessed the benefits they provide.
In one case I was able to close the reverse mortgage, deliver the funds, and stop the foreclosure the day before the couple were scheduled to forfeit their home. I will never forget their relief it was almost palpable.
In another case during a storm on New Year’s Eve I closed a reverse mortgage for a dear, sweet 84-year-old woman. She had lived a full energetic life, but now tires easily and the signing took longer than usual. She appreciated my patience while she periodically rested. During these lulls we drank tea and discussed the changes she had seen during her long productive life. When the closing was complete she thanked me profusely and kissed me. I celebrated the New Year knowing that I helped this charming woman stay in her home.
She is now a powerful advocate for the benefits of reverse mortgages. When she spoke at one of our seminars and explained the fear and trauma she faced and how grateful she was for the reverse mortgage there wasn’t a dry eye in the place; however, her story is more typical than exceptional.
Other seniors have used their reverse mortgage to pay off outstanding debts. These recipients can now enjoy their remaining years more fully because they have regained the use of money, which was formerly going to pay these debts. A reverse mortgage I closed allowed a woman with terminal cancer the dignity of remaining in her home. In other cases a reverse mortgage has given the recipients a longer life by enabling them to purchase needed medications.
However, not all seniors use the reverse mortgages for necessities. Some get them just for fun. In some cases couples simply want more money with which to enjoy their retirement. After one closing the couple called their travel agent and purchased tickets for their first vacation in Hawaii, fulfilling a lifelong dream.
Bill Gates and Warren Buffet advise people to do what they love. I would also suggest that they do something to benefit others. I have been fortunate enough to be able to combine both during my career in reverse mortgages.
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