We're always happy to see when a reverse mortgage loan goes smoothly and empowers the borrower with financial stability. This is more often the case than not but it's not a part of the finance and real estate industry that gets highlighted frequently in the media. This week we see exactly one of those positive stories coming out of San Diego.
The story is of an elderly woman who has lived in her home for over thirty years. She wanted to continue to stay in that home and to participate in the community where she lives. However, she needed an increasing level of assistance to be able to maintain her life due to the ailments of aging. As this need grew, she started to feel the financial crunch of paying for in-home care.
She obtained a reverse mortgage loan and took monthly payments from the transaction. These payments allow her to pay for a home aide to assist her with daily tasks like walking the dog and cleaning the house. She gets to stay in her home and she has the help that she needs while she's there. It's exactly what the reverse mortgage was intended to do.
Question of the Day: Do you have a reverse mortgage success story to share with us?
