The Senior Funding Group's Satisfied Borrowers

Real Life Scenarios:

More than ever, senior citizens need to reach the equity in their home but they are fearful of making dreaded mortgage payments. It is unfortunate that many seniors have limited financial resources because they never properly planned for their later years or they lost all or part of their “nest egg” in the stock market. These stories illustrate how a reverse mortgage can provide sound financial solutions to senior citizens who face a cash flow dilemma.

The following are composites of several cases where reverse mortgages have lead to positive solutions and piece of mind for those involved.

Veronica, who is in her eighties, lived in a large home on the north shore of Long Island. She no longer wanted to struggle making monthly mortgage payments. Veronica owed a substantial amount on her property for someone her age. She worked full-time to insure that these payments were always made on time, but continually worried about money. When she learned about a Reverse Mortgage, she jumped at the opportunity. Her $160,000 mortgage was paid off and she was able to walk away with an additional $100,000 in reverse mortgage proceeds. She never has to pay another mortgage payment and now she spends her days relaxing worry-free.

Mary was behind on her mortgage. Way behind. Now she was subject to foreclosure proceedings and faced the threat of losing her home. When her husband died, his pension stopped and she no longer could afford to pay her mortgage and bills. At 69 years of age, the stress of this situation was causing aggravation to her already existing health conditions. In addition, Mary was being haunted with phone calls and visits every day from bill collectors. One evening, while watching TV, Mary saw our commercial for Reverse Mortgages. She did not really understand what it was about, but the phrase “never make another mortgage payment again” really caught her ear. When she called, we realized that Mary needed to be helped out of her ‘doom and gloom’ situation quickly. We were able to process the Reverse Mortgage in record time, due to her situation. Mary now lives peacefully, with no stress, in the comfort of her own home the way it was supposed to be.

Shirley found herself three years in arrears on her mortgage and property taxes. It all stemmed from her getting sick and losing her job, then falling behind while she waited for insurance payments and disability compensation to kick in. “Any day now”, they kept telling her. In the meantime, she thought she would be forced to sell her home. “Where would I live” was the question repeated over and over in her mind, every minute of every day. With our help, she was able to keep the wolves at bay while we put a Reverse Mortgage in place for her. Our ability to deal with these difficult situations relieved the stress for Shirley and allowed her to remain in her home, where she also lived with her daughter and 5 grandchildren.

Edward came to see us at a time when everything seemed to be going wrong in his life. He had judgments against him and tax liens against his house. His home was in total disrepair and needed more than $32,000 in renovations. Edward desperately wanted to remain in his home but he knew his poor credit would prevent him from qualifying for a regular mortgage. He was becoming sick at the idea that he may have to sell his home. He was also aware that the owners of the tax liens were about to begin foreclosure. A reverse mortgage made it possible to eliminate Edward’s financial problems. While his family was lukewarm about the idea at first, after the positive elements of the reverse mortgage were explained they knew it was the right action to take. Now, Edward wakes up every day with a clear head and a song in his heart.

Mr. and Mrs. C heard about the Reverse Mortgage through an ad they read in senior publication. The idea of taking the equity from their home, without burdening them with another mortgage payment was very attractive to them. They did not really need the money – or so they thought. They were living off their social security payments, as they have been doing for the past several years. However, it seemed that with each passing year, there was less and less money available for them to enjoy life. Social Security benefits didn’t go up as fast as everything else; everything cost more; they needed a newer car and above all – they needed to buy gifts for the grandkids who were their life! Being in their 70’s, and having a home valued at over $400,000 they were able to receive a monthly income that was almost as much as their combined social security payments. They just about doubled their monthly income and now can spend it on whatever they want, including the kids, without having to worry about not having enough each month to go around.