Reverse Mortgage Success Stories

Emily has made her home in Tampa, Florida for 22 years and has no mortgage on her condominium. Her children live out of state, and in recent years she has started needing more help around the house than her friends from church can provide. She started with a home assistance service one day per week, which she could pay from her small pension and social security. But as the years passed, she found that two days per week was no longer enough, and she really enjoyed the company of Lucy, who had become her regular care giver.  After deciding upon a reverse mortgage, Emily has the necessary income to remain comfortably in her home and afford the extra help that she needs.

Stuart is a retired architect in Miami, Florida and recently was remarried to a long time friend named Carol. They shopped for a new home together, but ultimately decided they couldn’t give up the sweeping views from his current home. So Stuart drew up plans for extensive additions and upgrades, including a second story and a pool with a flagstone deck. Carol agreed that the dramatic changes - especially a kitchen renovation - would make her feel at home. They refinanced their home with a traditional mortgage to pay for the construction, but the mortgage payment interfered with Stuart's retirement plans. So they eliminated their mortgage payment by taking out a reverse mortgage, allowing Stuart to retire with ease.

After 35 years in her Orlando, Florida home, Susan knows just about everyone in her community and loves having the neighborhood kids over to swim in her backyard pool.  With a daughter serving as a probation officer, she understands the importance of keeping the neighborhoods safe and free of crime, and heads up the informal neighborhood watch committee.  “All these neighborhood kids feel like my own and I wouldn’t want to live anyplace else.”  The reverse mortgage paid off a small loan on her home that she took out 15 years ago to help her daughter buy her first house.  And she already has plans for the rest of the money: make a donation to fix up the local community center. 
 

Larry and Joan, from Jacksonville, Florida, recently sold their family printing business to a new owner and decided that it is time to retire. Three years ago they bought a new home and have always planned to stay there for the long haul. At least when they're in town. With the money from their reverse mortgage they bought a large Monaco motor home, which they took on its maiden voyage to Colorado and Wyoming. "We’ve always loved exploring together.  Now we can do it whenever we want!"

Victor emigrated from the Philippines 32 years ago, ultimately settling in St Petersburg. He saved enough money to buy a modest home which is now completely paid off. "Helen would have liked to see our grandson Gabe start at University of South Florida."  Victor’s home has increased tremendously in value the years, and now he can tap into some of the equity with a reverse mortgage.  He decided to use this money to pay for Gabe’s college. "I want all my grandkids to have the opportunity to go to college.”