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Reverse Mortgage Success Stories
The following are true stories and just a sampling of lives that have been changed as a result of working with Harry. Harry calls these his “evidence of success.”
Our client purchased his home in a rural area of Northern Nevada over a decade ago. Life was good as his modest savings, social security benefits, and a part-time job at a local store afforded plenty of income to cover his monthly mortgage payment of $783.
That all came to an abrupt end when a serious illness and ensuing disability eroded his savings and left him unable to work. He struggled to keep current on his continuing liabilities. Before long, he was six months behind in his mortgage payment and had already lost his Ford pick-up to repossession. His home was now worth just under $300,000 and contained a little more than $200,000 of equity – his only remaining asset.
His son, unable to help his father financially, got busy in finding a solution to this nearly impossible situation. The solution came in the form of a reverse mortgage specifically structured to meet our client’s near fatal crisis. In less than thirty days, he was out of foreclosure, thanks to his new reverse mortgage. Additionally, he received a lump sum at closing to purchase a nice, but well-seasoned, Ford pick-up. He also has a small line of credit available to him, just in case.
The best part of this story is that our deserving client will be able to continue living in his home for as long as he is alive and he will never need to pay back any of his reverse mortgage obligation. Because he was able to eliminate all debt, his social security, along with his social security supplemental benefits, provides sufficient income. Life is good again!
A Retirement on the Road to Ruin
He and his wife retired 26 years ago. He was, prior to retirement, a San Francisco Police officer who, with his bride of 20 years decided to relocate to the quiet foothills of the Carson Valley. Both were convinced that the combination of their pensions from the City and County of San Francisco and their modest nest egg were more than ample to afford a comfortable retirement.
Sadly, 26 years of inflation had taken its toll. They feared that they would be forced to sell their quiet retreat in the Carson foothills they had come to love. Their car was old and was beginning to require frequent replacement of its tired components. And all of us know that 26 year old homes tend to require an ever increasing level of attention and frequent infusions of capital.
That’s about the time they found out about Harry Gordon and the “miracle” of Reverse Mortgages. Almost immediately they realized that a Reverse Mortgage was “the answer.” Their new Reverse Mortgage has restored their income to initial post retirement levels, adjusted for inflation. At closing she wiped her eyes and he proclaimed that we had salvaged their retirement.
Do you know someone who is worried about whether or not their income during retirement is adequate to afford them the life they deserve? If so ask them to call Harry.
Better yet, call Harry Gordon today at (800) 486-8786 extension 709 and ask him to save a retirement!
It’s Never Too Late for Adventure
Their dream from the day they met was to travel the world together. When they were young, building their careers and raising their family they never felt they had the time and frequently believed that they simply didn’t have the extra income to afford the luxury of travel. Now they are fully retired, their children have children of their own, they remain active and they are in great health. They finally, have plenty of time on their hands but unfortunately they had placed on a back burner the dream of travel. It wasn’t an absence of desire to travel and explore that keep them “homebound” It was the fear of using the funds that they had carefully dedicated to fund their retirement to use for something as “unnecessary” as travel. They often pondered and on occasion worried about what would become of them should they somehow outlive their retirement funds.
That was all before, at the urging of a friend, they attended a Reverse Mortgage Seminar conducted by Harry Gordon. At Harry’s session they discovered the many uses of a Reverse Mortgage, just one of which is travel. They began to understand that their significant home equity could be converted to a Reverse Mortgage Line Of Credit They also discovered that the unused portion of a Reverse Mortgage line of credit grows between 5% and 6% each year so the amount that would be available to them, should they need it for an emergency, would remain relatively unchanged even though their home’s equity would be able to “finance” their dreams of travel. In addition, they will never need to repay their loan as long as they remain in their home. It didn’t take them long to realize that travel could be put back in their life plan thanks to a Government Insured and Guaranteed Reverse Mortgage.
Our couple would love to tell you all about their Reverse Mortgage but they are too busy exploring the world. Do you know a senior homeowner who has yet to realize their dreams, goals or aspirations? Perhaps a Reverse Mortgage is not the answer for each and every one of them but we have seen more than one dream come true with a Government guaranteed Reverse Mortgage. Call Harry Gordon to determine if he can make their dreams come true. (800) 486-8786 extension 709
The Decision was Made – “Let’s Sell This House”
An 83 year old widower, with the assistance of his children, was about to embark upon the only option they all believed was available to dad; sell the home in which he and his deceased wife had raised the family. In fact, they had already spoken to a Realtor and the ball was in motion. Over time, inflation, even at modest levels, in addition to the rising cost of maintaining an older home made the cost of retaining the family home difficult considering his fixed income. So the stage was set, the home was to be listed
That’s when a dear friend and long time neighbor shared the story of her new reverse mortgage and how it was allowing her to keep her home. She explained that now all fears of every needing to move have been eliminated.
That very afternoon our “concerned neighbor” called her advisor, Harry Gordon, and asked him to call her long time friend and neighbor. That was almost a year ago. Today our widower client feels safe, secure and financially capable of remaining in the family home for as long as he chooses. In addition, his children feel great knowing that their dad feels “reborn” knowing that he is secure in the knowledge that he can remain in the house he has grown to love. Home is truly where the heart is.
If you know senior homeowners who are thinking of selling only because they believe they have no options, put them together with Harry Gordon. He may be able to open doors that have yet to be explored. (800) 486-8786 extension 709
Her dream was a simple one: remodel the kitchens and baths of their twenty four year old home. Together they built their home almost a quarter century ago. The kitchen and baths were acceptable by 1980 standards but today they were very outdated and not nearly as attractive as those in the magazines she gazed at fondly. She loved her home and he had been promising for a half decade to remodel both the kitchen and baths but now a very disabling illness made the fulfillment of that promise impossible. Their half million dollar home was free and clear but other than that their assets were limited and pulling money from their retirement account seemed financially imprudent so the remodel would need to wait, possible indefinitely.
It was then he read in Modern Maturity, the monthly publication of AARP, that one of the most common and practical uses of Reverse Mortgage proceeds was for home remodeling. That was all he needed to know. He contacted Harry Gordon through his financial advisor. Harry established for our couple a Reverse Mortgage Line of Credit that they quickly utilized to transform their dreary baths and unappealing kitchen into “works of art” that could almost qualify for the pages of House Beautiful or Sunset Magazine. Best of all, the payments on their Line of Credit are deferred until final move out. Today, they still have over $250,000 remaining on their Line. That money is available on demand and is currently enjoying a growth rate of 5%. Therefore, the money in their Line is readily available for them to be used for any purpose. She has her new baths and beautiful kitchen and he rests easy knowing that he has money available to meet any of life’s emergencies. He also knows that when something happens to him she can remain in her home for as long as she wishes.
Do you know a Senior homeowner seeking to remodel their home or make needed improvements? If so tell them you know how they can make that happen. Then pick up the phone and call (800) 486-8786 extension 709 and tell Harry to go to work and make another dream come true
She owned a beautiful home in one of Carson City’s most attractive and historical sections of town. She and her late husband purchased the home many years ago and in that home they had raised their four children. To a person, all of the children were “on board” in the effort to keep their mom in the family home. However, increasing property taxes and age induced house repairs, in concert with escalating living costs, made remaining in the family home problematic. The idea of leaving the home, even if it seemed like the “right thing to do” was weighing heavily on her heart and home, the say, is where the heart is.
One of her sons decided to share the family dilemma with his financial planner. He immediately directed him to Harry Gordon. Harry suggested a family meeting to discuss the problem and to arrive at a solution all could agree on. The solution came if the form of a Reverse Mortgage for Mom. Harry structured the Reverse Mortgage to eliminate all of her consumer debt, provide a lump sum to take care of all deferred maintenance and a small monthly income she can not outlive. This past Christmas her children, their spouses and six grandchildren all gathered at the family home where they gave thanks for all they have and for Mom’s ability to remain in her home forever.
Do you know seniors who are feeling the financial pressure from a home they fear they can no longer afford? Harry may have answers so call him at (800) 486-8786 extension 709
Back in the early 1960’s when her daughter entered college, she wanted her to attend a highly rated, private Christian Brothers university. Unfortunately, family finances back then simply did not permit such a luxury. Her daughter attended a community college and then on to a state university. She graduated, became a high school teacher, married a fine man, and raised a beautiful daughter, Bethany. That’s the daughter and granddaughter this story is all about.
When Bethany was ready to consider her choices of college, the high-coveted Christian Brothers university was still on the table. But thirty years of inflation had really driven the cost of tuition to this fine institution through the roof. So once again, even with a partial scholarship, this option seemed out of reach. That’s what grandma had concluded as well until she attended a reverse mortgage seminar conducted by Harry Gordon.
At the seminar she learned that the proceeds from a reverse mortgage can be used for any purpose, even college tuition. Grandma’s current monthly retirement income is sufficient to meet her modest needs so she chose the line of credit. From those funds, she pays the quarterly tuition bill not covered by Bethany’s partial scholarship. Bethany’s parents are able to cover room and board and a part-time job on campus provides Bethany’s “mad money.” Grandma will be the first to tell you of the joy she is receiving in watching her only granddaughter benefit from her “sharing” her early inheritance with Bethany.
Perhaps there is a grandson, granddaughter, or even a charitable organization that would greatly benefit from receiving financial assistance today rather than many years in the future upon your passing.
The family had gathered to decide the fate of their beloved mother and grandmother who was just days away from her 95th birthday. Her Santa Cruz, California home of over fifty years was encumbered with both a first and a second mortgage. These loans were created to cover medical expenses and home health care costs. The family dilemma was simply this – no longer could the family afford the two mortgage payments, rising home health care expenses, frequent home maintenance bills, and the increasing probability of more medical-related expenses in the near term. However, to a person, their hearts were heavy knowing full well the impact of a “forced move” on Grandma.
Fortunately, one of the granddaughters at the meeting was an experienced mortgage professional. While she had heard about reverse mortgages and knew it could be the answer for her grandmother, she also knew that she was not familiar enough with the reverse mortgage process to do the loan herself. She knew the family would have to call in a specialist and that the best person for the job would be Harry Gordon. Harry met with the family and then worked closely with the son who had custodial care and power of attorney. Addie Parker, Harry’s assistant, coordinated all of the attending physician documentation required by HUD.
Within forty days from the initial contact, Grandma’s reverse mortgage closed. The family is now relieved from the financial burden of covering these mounting expenses. No longer are their any mortgages to service each and every month. Additionally, Harry established a line of credit for the family to use for Grandma’s continuing expenses. Grandma now knows that she is save and secure in her home for ever more. The family knows they did the right thing for Grandma and no longer do they feel the right thing is placing their own financial integrity at risk.
