Reverse Mortgage Retirement Story: Why Barb Was Still Working at McDonald’s at 86
Do you dream of working at McDonald’s at 86 years old?
Probably not.
However, this reverse mortgage retirement story shows that for many people, working late into retirement is not a choice. It is a necessity.
Right now, a lot of things feel out of control. Inflation, the economy, and global events dominate the news. More importantly, inflation continues to impact the people I work with every day.
Because of rising costs, many retirees are struggling just to get by.
A Client I Will Never Forget
One of my favorite clients of all time was a widow named Barbara.
Barb was 86 years old when I met her. At the time, she was still working 25 to 30 hours a week at McDonald’s just up the road from me.
I would love to tell you she was doing it for fun. However, that would not be true.
Barb worked because she had to.
Every day, she slowly moved from table to table wiping them down. She was doing everything she could to survive financially.
It is hard to imagine. She and her husband had spent decades doing everything right. Yet after he passed away, she was left in a position where she could not afford to retire.
How a Reverse Mortgage Helped Barb Retire
This reverse mortgage retirement story is exactly why these loans were created.
Here is what changed for Barb:
Eliminated Her Mortgage Payment
We paid off her existing mortgage. After that, she only needed to cover property taxes and insurance.
Paid Off Other Debts
We also eliminated a car loan and credit card balances. As a result, her monthly expenses dropped significantly.
Created a Financial Safety Net
Barb received a $30,000 line of credit. Because of this, she had money available if something unexpected came up.
What Happened Next
After closing her reverse mortgage, Barb no longer needed to work at McDonald’s.
Instead, she was finally able to enjoy retirement.
She spent time with her family. She relaxed. She lived life on her terms again.
I stayed in touch with Barb over the years. She lived another four years after we worked together.
Those years were not spent wiping tables.
They were spent actually being retired.
What This Reverse Mortgage Retirement Story Shows
This reverse mortgage retirement story is not unique.
Many retirees today are facing similar challenges due to inflation and rising living costs. However, solutions do exist.
A reverse mortgage can help:
- Eliminate required monthly mortgage payments
- Reduce financial stress
- Create additional cash flow in retirement
Because of this, it can be a powerful tool for the right person.
Want to See If This Could Work for You?
If you or someone you know is struggling with monthly payments in retirement, it may be worth exploring your options.
We can walk you through the numbers and give you a clear, honest answer based on your situation.
If you or someone you love has questions about reverse mortgages, refinancing, or interest rates, we’re here to help. Reach out anytime for a personalized review of your options.
Trevor Carlson
President, Reverse Mortgage Specialist
Heritage Reverse Mortgage
435-359-9000
trevor@heritagehl.com
Heritage NMLS #1497455 Trevor’s NMLS #: 267962
1060 South Main Street, Bldg. A, Suite 101B
St. George, Utah 84770
Disclaimer: This is not a commitment to lend. Homeowners are still responsible for property taxes, insurance, and maintenance. Loan terms, conditions, and eligibility may vary. Equal Housing Lender.