If you've read some of my posts before, you probably know that my parents got a reverse mortgage about 7 years ago. They were able to payoff debts and set up a line of credit for future use. Well, the future reared it's ugly head this past year and having that line of credit has come in handy.
Fisrt, my mom developed a pinched nerve in her back that is very painful. Walking upstairs to her bedroom is a dreaded chore. My dad's knees are basically shot and it is not safe for him to go down the stairs. He's good going up, and she's good going down... but that doesn't work out to well for them. Answer? They purchased a stair lift with funds from their reverse mortgage line of credit. They had it installed on the rear set of stairs. Now they can ride in safety and comfort up or down.
Secondly, they had to deal with a persistent roof leak. They have an addition on their home that expands the first floor and adds a lovely deck upstairs. However beautiful, flat roofs have a tendency to leak and leak theirs did, requiring repairs every year. Each winter during the rainy season the ceiling would leak yet again, in a different place from the prior years repair.
My folks decided that enough was enough and used their reverse mortgage line of credit to add on a sunroom to the upstairs deck. This added a lovely, warm winter hideaway that they could enjoy thier lake view from as well as the added bonus of a new sloped roof over the addition. Voila! No more leaks.
All in all the reverse mortgage has made my folks more able to handle the emergencies that life throws at them, and has allowed them to keep their home in good repair and to make changes and adjustments that will allow them to stay in their home for life.
By Deborah Nance
Your Local Southern California Reverse Mortgage Professional
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iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin.
Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.