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Why an HECM Loan May Be Right For You if you are 62+?

March 13,2023 | Posted By Dinorah Carmenate in re
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Here’s another article that talks about how many seniors today just do not have enough money every month to make ends meet. . . but they have a home that is free and clear or almost paid off.

This article talks about how many senior homeowners are in an unfortunate position economically because they lack the funds they need for the bare necessities from month-to-month PLUS disposable funds for the upkeep of their homes and necessary repairs like roofing, plumbing, etc.

There is much false information regarding the HECM/reverse mortgage loans for seniors and I think it has to do with a lack of proper information that is out in the market.  David has helped so many of our clients with this type of loan, we have seen great things happen short of miracles for our clients outside of just meeting basic necessities. In fact, the majority of our clients have been able to create much-needed cash flow to live a more comfortable life. Here are a few stories on how we were able to help our clients.

Client # 1 – My clients were living on a fixed income from social security and owned a home worth over $1,000,000+. They did not have enough money to keep up the house, buy groceries and pay for simple monthly expenses like utilities. This family was strapped economically. David was able to help them obtain a reverse mortgage with ZERO MONTHLY MORTGAGE PAYMENTS. This family invested some of their money in a secure annuity and now has a monthly allowance from their annuity, along with their monthly social security income and a stress-free life where money is no longer an issue for them.

Client #2 – My client was in the same situation as client #1 and David helped them with a reverse loan.  They pulled money from their home through a reverse mortgage and built a unit (also known as an ADU)  on their property which they rented.  Today they have ZERO mortgage payments and have rental income coming in monthly plus social security income.  Today they have a lot of extra money each month.  Now they are able to travel and visit family in their country and throughout the US. This is the way life is supposed to be lived.

Client #3 – My client was not so strapped for cash monthly but they needed money to repair their home and they needed a big chunk of money.  Their home was almost paid off and their mortgage payment was very low.  They definitely didn’t want to take on a high monthly mortgage payment.  They called us and once they learned about this special loan, and went through the counseling that explains the loan, they opted to do a reverse mortgage loan for their home repairs PLUS some extra cash so they could “enjoy their life a bit more.” Once again, David was able to get them the cash they needed for home repairs, eliminate their current mortgage payment, and now they too are enjoying a life that is stress-free and a life where they can enjoy some simple pleasures like a mini vacation and taking their grandkids for dinner.

I can go on and on with these types of stories. Next week I’m going to show you a video of a young boomer couple living in a 500-square-foot house and needing a much bigger house for their blended family. No one knew how to help them and one day I called them to see if they needed any help with real estate.  They explained their situation to me, I turned them over to David for a loan, I helped them find the perfect house and today they are living in their dream home.  Bring your handkerchiefs because this one will make you teary-eyed.

Call me if you or someone you know is remotely interested in seeing what this type of loan can do for them and David can run the analysis.

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Source:  Creators



She is very good real estate person. She helped us very much. For 20 years she helped us to buy again another home for investment....
- Hugo Rios

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