If you are an older American, you probably know that healthcare, finance and other options these days can be overwhelming. Thanks to the Senior Education Network (www.SeniorEdNet.com), a volunteer group recently formed in Bucks County PA, those days could go the way of the Dodo bird. The Mission of the Group is "To address the unique issues facing seniors and their families today, tomorrow, and thereafter".
Background on SEN: The Senior Education Network (SEN) is comprised of a network of highly knowledgeable professionals, who, despite having separate areas of expertise, all focus on the unique needs of seniors and their families. Coverage areas include home care, in-home skilled nursing/rehab/physical therapy, hospice, reverse mortgage and traditional mortgage, exercise physiology focusing on the adult population, independent care facilities, and long-term care insurance. The group also has a vast network of professionals outside of the group who bring additional professional skills to the table, when necessary. These include Elder Attorneys, Relocation Specialists, Social Security Consumer Affairs Specialists and more.
For more information, visit www.SeniorEdNet.com. You can view recent articles and biographies of all the members, including yours truly.
7/30/2009
New Jersey Reverse Mortgage - Case Study (Closed in July 2009)
While I have found there is plenty of reverse mortgage program information on the internet, I have seen a lack of information pertaining to actual cases. So, to share how a Reverse Mortgage can impact an individual life, I would like to share the details of a recent reverse mortgage I originated in New Jerey. For the purpose of this Reverse Mortgage Blog, I am going to call the homeowner Don. (FYI I am licensed in over 20 states to originate reverse mortgages, this is just one recent example that happens to be in New Jersey).
Don, the homeowner, was introduced to me through his adult children who attend church with an associate of mine. Over the previous six months Don had the unfortunate experience of providing home care to his terminally ill wife. Now, after her passing, Don found himself in a situation where he needed to free up cash on a monthly basis.
The Situation: Don's home is in a 55+ community and is worth $140,000 (as of July 2009). His existing mortgage was $81,000 and he had a credit card to pay off with a balance of $5400. Additionally, he wanted to purchase a car which was better suited for his needs.
The Solution: Using the Federally Insured Reverse Mortgage, also called a Home Equity Conversion Mortgage (HECM) , we were able to pay off his mortgage, pay off his credit card and give him almost $9,000 to purchase a new vehicle. Don no longer has a mortgage payment, and his credit card will be paid off in full. Don has also had his eye on a new vehicle which he will now be able to purchase with cash.
Prior to the reverse mortgage, Don was paying over $900 per month towards the mortgage and credit card. These monthly payments were limiting his ability to interact socially and travel which is vital in his current state of recently losing his wife. The Reverse Mortgage that Don's adult children recommended to him will enable him to begin to interact again - and it is hard to put any type of pricetag on that.
An outcome such as this was special to me because it has the ability to change not only Don's financial outlook, but also his social life.
Don, the homeowner, was introduced to me through his adult children who attend church with an associate of mine. Over the previous six months Don had the unfortunate experience of providing home care to his terminally ill wife. Now, after her passing, Don found himself in a situation where he needed to free up cash on a monthly basis.
The Situation: Don's home is in a 55+ community and is worth $140,000 (as of July 2009). His existing mortgage was $81,000 and he had a credit card to pay off with a balance of $5400. Additionally, he wanted to purchase a car which was better suited for his needs.
The Solution: Using the Federally Insured Reverse Mortgage, also called a Home Equity Conversion Mortgage (HECM) , we were able to pay off his mortgage, pay off his credit card and give him almost $9,000 to purchase a new vehicle. Don no longer has a mortgage payment, and his credit card will be paid off in full. Don has also had his eye on a new vehicle which he will now be able to purchase with cash.
Prior to the reverse mortgage, Don was paying over $900 per month towards the mortgage and credit card. These monthly payments were limiting his ability to interact socially and travel which is vital in his current state of recently losing his wife. The Reverse Mortgage that Don's adult children recommended to him will enable him to begin to interact again - and it is hard to put any type of pricetag on that.
An outcome such as this was special to me because it has the ability to change not only Don's financial outlook, but also his social life.
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