Recently Financial Advisor Dr. George Gately introduced us to our new favorite client: Virginia. At age 82, Virginia still enjoys mowing her own lawn and working full time at an automotive dealership. Although Virginia is financially comfortable, with no intention of retiring or leaving her home any time soon, she wanted to pay off her mortgage and have access to extra money. Her financial advisor knew a HECM could help do just that.
“I am neither a Realtor® nor a mortgage broker,” Gately told Virginia. “Whether or not you choose a HECM will make no financial difference to me – I make zero either way. But if you were my own sister, this is what I would recommend.”
With the help of her Longbridge Reverse Mortgage Specialist, Connie Hedrick (pictured above with Virginia), Virginia was able to replace her current mortgage with a HECM and set up a $50,000 line of credit.
Said Virginia, “For the first time since I was in my twenties I don’t have to make a mortgage payment.”
While reverse mortgages used to be considered “loans of last resort,” today’s reverse mortgage is a secure and powerful financial tool. It’s a valid strategic option to be used by people who are on a good financial footing.
By eliminating monthly mortgage payments* with a HECM – and gaining access to your remaining equity – you could greatly improve your financial security just like Virginia did.
*Homeowner is still responsible for taxes, insurance and property maintenance.