Below is a testimonial from a client that was referred to me in 2014. Over the years I’ve stayed in contact with her and she would thank me for getting her into a reverse mortgage so I asked her if she would write a ‘Testimonial’ regarding her experience and how it has literally changed her life. Below is her letter to me.
She was facing either foreclosure or needing to pre-emptively selling her home. We weighed her options and selling was the obvious one that most agents would recommend her to do, but with my lending background I explained how the reverse mortgage works and how it can benefit her. In the end, the reverse mortgage allowed her to maintain a lifestyle she was used to, otherwise her life would have been changed forever.
Hello Jim Hitcher
I want to share with you my experience and thank you for your guidance and service in handling my property financing needs.
In 2014 I had reached the end of my ability to afford mortgage payments with only income from Social Security and difficulty to become employed at my age.
Your advice and close attention in every step of the process to establish a reverse mortgage has benefitted me by diverting me from impending foreclosure, taking away burden of payments that my equity is able to manage, and provided me a stipend from reverse mortgage to supplement social security. I was worried about equity depletion, and as per the plan schedule, the use of equity is below annual growth and although principal loan is increasing, my market to debt difference is larger with a positive net equity greater than it was in 2014 if I were to sell today.
Overall, establishing reverse mortgage has been of great value, where eight years later I can say that I have a roof over my head, with income and stipend allowing me to live my life with comfort, and the weight of cost to remain in my home lifted away.
Jim, thank you for listening to my needs, advising and coaching on options, and helping me to make the transaction that has proven to be nothing short of ensuring a future I can enjoy. I believe there are many others with similar situations who can benefit as I did, and I encourage them to work with you for advice and meticulous service to potentially leverage reverse mortgage as a positive option.
Kind regards,
Swapna
