Reverse Mortgage Information


Using Home Equity to Fund In Home Care

Awhile back  I had the honor of originating a reverse mortgage for a elder who just wanted to stay at home.  I was contacted by his son who got my name from a Realtor friend of mine.

Bedridden and in his late 80’s this retired educator, his son and his financial advisor were happily amazed to find that he was like a Timex and just "kept on ticking".  Unable to take care of himself physically, he enjoyed the view out of his window, loud classical music and reading science fiction stories. (I like science fiction too!)  He was very attached to his caretaker, a fellow with a knack for cooking and the strength, compassion and energy to keep Mr. D engaged, happy and....alive.  However, longevity has it’s drawbacks and Mr. D had exhausted his long term care funds and retirement savings. His pension would not be enough to keep up with his desire to stay at home.

As a team they decided that a Reverse Mortgage with monthly “Tenure Payments” would provide enough funds to keep the caretaker on board and even a little extra.  Mr. D was thrilled to be able to stay in his home, enjoy his sunny view, his memories and the best home cooking a guy could ask for.

I’ve recently heard that Mr. D doesn’t have to much time left, his health is failing and he has hospice care at home.  I’m glad I was able to help him stay there.

From His Bed




By Deborah Nance


Your Local Southern California Reverse Mortgage Professional

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Equal Housing Lender

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.

Comment balloon 5 commentsDeborah Nance • September 18 2012 06:40PM


Deborah, isn't it so rewarding to help seniors stay in their home where they choose?  I too have helped many remain at home using the reverse mortgage to pay for home care.

Posted by Beth Paterson, CRMP, NMLS #342859 (Reverse Mortgages SIDAC, NMLS #173899) over 5 years ago

Hi Beth,  It is very rewarding.  I love your blog and think you do a great job keeping your consumers well informed.  Your AR picture looks like you could be my sister. :-) 

Posted by Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles) over 5 years ago

Hi Deborah, reverse mortgage is a great way to help the senior homeowner to pay their bills and stay in their home.

Posted by Kwee Huset, Venice Florida Homes For Sale (Kwee Huset Realty) over 5 years ago

Thanks for the compliments on my blog, Deborah. Yes, I see what you mean about looking like sisters. :-)

Kvee, the reverse mortgage is also a great tool to help seniors downsize or relocate by using the HECM for Purchase program - they can purchase their home with a simultaneous close and then have no monthly mortgage payments.

Posted by Beth Paterson, CRMP, NMLS #342859 (Reverse Mortgages SIDAC, NMLS #173899) over 5 years ago

Hi Kwee,  Thank you for commenting on my post.  Beth is right - Reverse Mortgages are a wonderful tool for seniors looking to downsize. It's called "HECM For Purchase".  Instead of paying all cash for their home, they finance a part of the purchase price with a reverse mortgage. The senior then has no mortgage payment as if they had paid all cash.  

Posted by Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles) over 5 years ago

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