Reverse Mortgage Success Stories

Marjorie owns a manufactured home in San Diego, where she has lived for 17 years. She had no mortgage on her property, but in recent years has started needing more help around the house than her kids could provide. At first, she was able to pay for the twice-weekly home assistance service from her social security and small pension. But as time marched on, she found that she needed more help and that she liked the company of Stephanie, who had become her regular care giver. With the extra income from the reverse mortgage, Marjorie is able to afford the extra help that she needs.

Jim, who is 63, has been an architect in Orange County for 30 years and was remarried to Lisa several years ago. They considered selling Jim's home and finding a new place of their own, but they loved the sweeping valley views from his current home. So Jim drew up plans for extensive upgrade and additions, including a second story and a pool with a flagstone deck. Lisa agreed that the dramatic changes - especially a master bathroom 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 Jim's retirement plans. So they took out a reverse mortgage with us, which eliminated their mortgage payment, and allowed Jim to retire with ease.

Charlotte has lived in her home in Los Angeles for 37 years and knows the people in her community well. She heads an informal neighborhood watch committee and with her son a member of Police Department, she knows the names of many officers. "Nothing happens in this neighborhood without me knowing," the former dress-maker declares with pride. "I feel safe here and I never plan to leave." The reverse mortgage paid off a small loan on her home that she took out 10 years ago to help pay for her grandkids education. Her plans for the extra money left over in the line of credit? "I want to take my entire family on a cruise."

Bill and Rita, from Riverside, recently decided to retire from working together at Bill's towing company. They bought a new home from a builder five years ago and plan to stay there for the duration. At least when they're in town. The reverse mortgage gave them the financial freedom to buy a large Fleetwood motor home, which they took on its maiden voyage to Montana and Yellowstone National Park. "It just made sense. We're too young to act old!"

Luis, emigrated from South America, ultimately settling in South San Francisco. He saved enough money to buy a modest row home where he has lived for 32 years. "Bernardina would have liked to see our grandson Armando start at (UC) Berkeley." Hanging onto his home for so many years while it increased in value has allowed Luis to tap into some of the equity with a reverse mortgage and use some of the money to pay for Armando's college. "I've got so many grandkids, mostly in high school. I want to see them all go to college."