Second Time Around – It Just Made Sense

100_0804.jpgHis real name will be kept private, but his story is a common one. Mr. Jones is a gentleman that I met over two years ago. At that time he had a mortgage that he just wanted to pay off. This would provide him an extra $600 per month to use for living expenses, and medical costs that relate to caring for his wife, Mary. After several visits of explaining the details of a reverse mortgage, Mr. Jones decided that it would be a prudent decision that would allow him to deal with the rising cost of living.

Not long after beginning to move forward to help Mr. Jones, I received a phone call from one of his daughters. She lived in California, and wanted to talk with me about the reverse mortgage program and all of its implications. This is something that I always encourage as a reverse mortgage often affects inheritance issues, etc. After much discussion, it was decided that she was going to financially assist her father (for now), and wait on moving forward with the reverse mortgage for her parents. Since she was willing and able to do that, I encouraged it.

Fast forward to one month ago . . . .  I was giving a seminar in the same community that Mr. Jones lived. I often wondered how he was doing since the last time that I spoke with him. He was a sharp man, and a person that I thoroughly enjoyed getting to know (much like many of the people I work with). Just before I was to begin with the seminar, Mr. Jones entered the room. I was thrilled to see him like a long lost friend. He greeted me and we had a nice time reconnecting.

After I had completed the seminar, and throughout the next several weeks, Mr. Jones shared with me the events that had occurred over the last two years. As mentioned above, Mr. Jones is a very sharp man, and one who walks with the integrity that I admire. At 86 years old, his wife’s health is failing, and he is her primary care giver, along with one of his daughters. Though he finds the task getting more difficult as time passes, he does so with great love, and he would have it no other way.

Without going into great detail in regards to his personal situation, we re-evaluated his situation in regards to a reverse mortgage. It would provide him with: 1) Financial Peace-of-Mind to cover future health related costs, 2) Pay off his current home equity loan and no longer need to make a monthly payment, 3) Settle all current debts, 4) Have an emergency fund set aside for any unexpected financial obligation that arises in the future.

From the beginning, Mr. Jones was in contact with his attorney, as well as his family, who all favored the decision. It was a good example of the type of teamwork that I always encourage. 

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