After 54 years of marriage, Sophie had lost her best friend and husband Peter. Without having a home health care policy the cost of his care had drained their savings, and without his pension and Social Security she now wasn’t able to support herself at home. In addition she was exhausted from having been Peter’s primary care giver for the past five years. As much as she loved her home, it was too big and costly for her now. In addition, she was worried about her own health and who would take care of her. Her only daughter lived and worked in another country.
With the aid of a real estate agent that specialized in seniors and her elder attorney whom I knew, the four of us sat down over coffee in Sophie’s living room and collaboratively designed a plan of action.
First Sophie listed and sold her house, paid off her mortgage and with the remaining money purchased a townhome in a senior community that offered assisted living in case she needed it. Then I got her approved for a HECM Line Of Credit. Sophie withdraws a small amount each month to cover her financial shortfall, but is happy and secure that the non-cancellable line of credit and its increasing annual growth of almost 5% will cover any future emergency needs such as health care. As long as she is prudent, Sophie will never run out of enough income to live comfortably for the rest of her life.
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.