Success Stories of
FREEDOM AND FLEXIBILITY
How Seniors Got from Here to There
with a Reverse Mortgage
Let a Reverse Mortgage help write the next chapter in your life whether you want to live in new digs as empty-nesters, simplify your finances, or improve your current home for safety and higher market value.
Reverse Mortgage Rescues Gilroy, CA Senior’s
Later Retirement Years from Impoverishment
When Joe Garcia, now in his 70s, decided to stop working, he had amassed a fairly large nest egg. Joe, it seemed, was all set to enjoy a fun retirement that would allow him to live well after 40 years of hard work. But just 10 years in, unexpected expenses robbed Joe of the "golden" in his remaining years.
Financial Help for Seniors in a Bind
Like all too many seniors, Joe was down to Social Security with no other source of income.
Adding to his stress was the $30,000 he had in credit card debt plus his monthly mortgage
payments. Although the mortgage had only $25,000 left to be paid off, because mortgage
payments are the same amount every month, it was still a sizable sum for a retiree to cough
up every 30 days. And the house needed repairs too.
Reverse Mortgage Guidance from a Senior for a Senior
Joe called upon reverse mortgage expert and senior citizen, John Alma Hanson for guidance so Joe could continue in retirement without being forced into a life of punishing austerity.
Says John, “Many seniors are unable to qualify for conventional refinancing because they don’t have anything other than Social Security for income. When you opt for a reverse mortgage solution, it
frees up this ‘piggy bank of cash’ you’ve been paying into all these years and have certainly earned the right to draw upon it.”
One Reverse Mortgage Solution Yields 4 Big Benefits
John continues, “Because Joe decided to do a reverse mortgage, he was able to pay off his existing mortgage and eliminate a $1,000 monthly payment. This helped Joe with day to day cash flow. Plus, he paid off his credit cards and got that debt off his back. What’s more, Joe was able to get the house repairs his home needed. Better still, we set up a credit line for him so he could write checks against the line as wells as enjoy a monthly income."
Joe adds, “I get to stay in my home. I love this house and I really didn’t want to leave. My family and friends are in the area and I didn’t want to impose upon them. This way, I can live here without worrying about paying for the house while it continues to appreciate in value.”
Reverse Mortgage Speeds Up Property Settlement
So Divorcing Couple Can Move On
After two decades of marriage, Janice and Jeff had grown apart. Jeff wanted to relocate back East Janice wanted to stay in San Jose. Even though they owned their home free and clear, it had doubled
from $400,000 to $800,000 leaving Janice not able to qualify to buy out Jeff’s half.
That’s when Janice and Jeff happened to meet John Alma Hanson, a regional expert in reverse mortgages.
Says John, “For most divorcing couples, the biggest stumbling block to a swift and smooth property settlement is the high equity value in their home. Often times, neither spouse is able to qualify for a loan by which to purchase the other spouse’s share of the home’s value. A reverse mortgage
solution makes the home’s equity liquid so they can arrive at a mutually beneficial property settlement sooner rather than later.”
John continues… “Because she decided to do a reverse mortgage, Janice was able to tap $320,000 in equity and with some additional retirement money; she paid $400,000 to Jeff.”
Says Janice, “Now, I get to stay in my home for as long as I want and I don’t have to make monthly house payments. This really helps with cash flow. And someday when I’m ready to retire and live somewhere else, I can sell my home and plan to have the mortgage paid in full.”
These are individual success stories. Similar results may not apply to your case. Are you wondering how you can benefit from a reverse mortgage? Give John a call at (408) 775-7478, or
fill out this simple form to claim your free reverse mortgage quote.
John Alma Hanson is a mortgage loan originator for Community West Mortgage. John has over 30 years experience in mortgage loans. He has helped thousands of people obtain mortgages best suited to their needs. As a senior citizen, he is committed to offering a solution for seniors who have a financial need to improve their quality of life. By utilizing a Reverse Mortgage, he makes it possible for America’s seniors to continue to own and live in their homes, maintain a quality lifestyle or improve upon a plan for their estate.
