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Reversed Mortgage Brings Hope To The Aged |
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Submitted by Jeannie Nunez
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The following is a short story about an old couple who were abandoned by their children and family to fend for themselves. After having toiled for several decades to raise their family, all they had in return were debts and mortgages, which appeared impossible to settle since they could no longer afford to pay them off. They owned nothing except their home, which they cherish for the memories it gave them.
Hope beckoned in the form of Reversed Mortgage and this discovery led them to relocate their dignity and self-confidence to survive for as long as they exist.
Usually, I would blame my ageing cells for the sleeplessness and take a pill to induce sleep. This night it was different. I felt calm and relaxed. Reversed Mortgage has given me hope when everything else failed. My wife of 34 years was sitting next to me, with her head resting against my tired, droopy shoulder. Having carried the burdens of a large family for decades, the thought of how the chatter and laughter which was usually heard throughout the day and late into the night has been replaced with the numbing silence, brought a deep sorrow from within me.
When I turned 67 a few months ago, there were no birthday wishes or greeting cards in the mailbox. Neglected by our three children and relatives, we have been fending for ourselves over the past few years. The mounting debts and mortgages forced me to seek for employment even after having retired a long time ago.
Due to my ailing health, I could not work for long hours and had to quit after a few weeks. Unable to settle my debts or pay off the mortgages, we sought for financial aid from our children. None of them were willing to part with their money for us. Social security hardly met our requirements. All we had to call our own, was our home and everything in it.
Until a few weeks ago, my wife and I decided that the only way we could overcome this financial crisis is to sell our house. We could not bear to part with it since we have so many memories, which are engraved within its walls and our hearts, but we did not seem to have another option.
Thankfully, we received some timely advice from a close friend when we were in the brink of putting up our house for sale. He suggested that we opt for Reversed Mortgage. At first, the word mortgage turned us off and we refused to listen further but when he insisted that we trust his opinion; we obliged.
What perked us up was when he told us that we did not have to sell our house! We could live in it for as long as we wanted and we did not have to repay as long as we stayed there. We could even resell the house whenever we wanted. We are not required to have any credit or income either!
He took us to a Reversed Mortgage counselor who gave us more details. We were told that I would be under no pressure to make monthly repayments. There were also various options in terms of interest rates and I could use the funds, which I obtain from the Reversed Mortgage for any purpose. I could receive the funds in one lump sum or as monthly installments or both.
Such an opportunity certainly seemed inviting and we decided to gather as much information as possible on it.
Since I am over 62 years of age and own my home, I was told that I am eligible for a Reversed Mortgage.
Although the initial fear within me about how my debts would rise, as the equity would fall, the counselor convinced me that the equity would rise with time as the value of the house goes up.
With over 300,000 senior citizens opting for Reversed Mortgage, it seemed suitable and convenient for us too. I could even pay the various loan fees through the mortgage fund.
Well, we noticed that this facility did have its disadvantages. For instance, repayment may be required if we fail to pay our property taxes, the house is not well maintained or if we fail to keep our home insured.
At the end of all the research we did together and the counseling we attended, we decided to opt for Reversed Mortgage. Having weighed the pros and cons, we knew that this was by far a much better solution than to sell our home or seek for a loan elsewhere.
I held my wife closely and sighed in relief. She looked up and I saw hope embedded in those gray eyes. It was reflected from mine. Smiling at each other, we knew that we were onto another milestone together. This time, we could leave our worries aside.
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