Why do people get Reverse Mortgages? – The Death of a Spouse

There are endless reasons why people choose to do a Reverse Mortgage, the death of a spouse is among
the more common. This situation was one of the reasons I dedicated my career to doing Reverse
Mortgages exclusively. Scenarios like this confirmed for me that as a professional a Reverse Mortgage
would help me improve someone’s life far more than any other mortgage I could offer.

Mary’s Story

The story of a specific example began when a woman came to me in 2016. To protect her identity, we’ll
call her Mary. Mary’s husband had passed away just months earlier. He had worked hard his entire
career and had been pretty successful as an accountant in California. But when the great recession and
stock market crash hit in 2008 all of his retirement preparations went down the drain overnight.

Because of health reasons they had no choice but to go into retirement. They sold their California home
for a loss and relocated to St George Utah using a 30-year fixed mortgage to buy their retirement home.

Until disaster struck

Everything was going fine and financially they were making it with both of their SS income but when he
died unexpectedly, she took a major reduction in income. It quickly became clear that her remaining
retirement assets would not last very long.

The benefits

A Reverse Mortgage was exactly what Mary needed. With her Reverse, we paid off her mortgage,
consolidated all of her other debts, and set up a line of credit on her mortgage with an additional
$60,000. She went from bleeding out financially in just a few months to having a surplus of available
money every month to allow her to travel and spend more time with her remaining family.

In this and many other situations, a Reverse Mortgage is a life-changing decision. For Mary the death of a
spouse left her without the love of her life and without the ability to survive financially. Doing a Reverse
Mortgage alleviated her financial stresses and allowed her to re-adjust to her new circumstances.

If you have a friend, parent, or other loved one that is struggling after the death of a spouse a Reverse
The mortgage could be exactly what they need. Call today to discuss their situation.