Paul and Val had a beautiful home valued in excess of $3 million and were enjoying a comfortable retirement. Paul, 79, continued to work as a consulting engineer to pay the small monthly mortgage payment. Then, their single adult daughter was diagnosed with cancer; she had to quit her job and was facing foreclosure as well as mounting medical bills. At that point, their retirement planner suggested Paul & Val get a jumbo reverse mortgage from me for $1 million. With the lump sum proceeds, they paid off their small mortgage, the mortgage on their daughter's house as an “early inheritance” and some of the medical bills. This allowed Paul to work a lot less and focus on his daughter.
The daughter's health recovery was smoother because she had much less stress. Paul & Val still had financial security because their income was more than comfortable; they still have two other real estate assets that have significant equity and appreciation. They felt through the entire process that this was an excellent financial strategy that would support the extended family as well as let them stay in their home forever.
These are real stories about people like you who have benefited from a mortgage program designed by Marc Gertz. Only their names have been changed or omitted.