Steve Haney has worked with reverse mortgages for many years. Throughout that time, he’s helped seniors pay for their long term care, update their homes, take vacations, and just have better retirements all around–all using the new Colorado reverse mortgage. Here are some of his favorite reverse mortgage success stories he’d like to share with you.
A 74-year-old woman came to Steve Haney after her husband died, leaving her destitute. Her grief was complicated by the worry of how she would make ends meet. She began offering day care in her Colorado Springs home, a difficult and strenuous job. She first went to her current lender and negotiated a lower payoff on the existing mortgage, and then came to us. The Reverse Motgage Institute of Colorado helped her to pay off her Colorado Springs house with a Colorado Reverse Mortgage, saving her $1,230 per month for the rest of her life. She is still in her home.
Success Story #2 – A Denver Couple Takes a Lump Sum of $26,000
A married couple living in Denver, ages 80 and 77, came to Steve. Their total monthly income was $1,200 per month and their house payment was $950 per month, leaving very little extra for the essentials, and no money for entertainment. The Reverse Mortgage Institute of Colorado helped them to pay off their current loan, and gave them $26,000 in a cash lump sum to use however they want.
Success Story #3 – A Pueblo Woman Takes a Lump Sum After Husband’s Death
When a beautiful 66-year-old woman’s husband died, her income was cut in half, leaving her with only $1,000 per month coming in. Her house payment was $750 per month, so paying her bills and buying essentials was almost impossible for her. The Reverse Mortgage Institute of Colorado helped her to pay off her house and handed her a $33,000 cash lump sum, while she stayed in her Pueblo home.
Both members of a hard working Fort Collins married couple, both aged 63, were self employed in the construction industry. The economy wasn’t favoring building, so the hard times hit them, and they had basically no income for 2 years. Thank goodness, they came to Steve at the Reverse Mortgage Institute of Colorado. He worked with them, and quickly helped them pay off their $98,000 mortgage, and got them $9,000 in cash to help them stay in their Fort Collins home and pay their bills.
Success Story #5 – Colorado Springs Woman Funds Trust
An 80-year-old woman came to Steve with her conservator, beacuse her trust ran out of money. She was worried that she was out of options. But Steve helped her get a Colorado Springs Reverse Mortgage, giving the trust $192,000. This hefty sum is enough to take care of her for the rest of her life, and allow her to stay in her Colorado Springs home.
A 84-year-old woman came to Steve, worried about her 84-year-old husband who was confined to a Colorado Springs nursing home. The family was just flat out of the money needed to fund his outrageously expensive nursing home care. Steve, and the Reverse Mortgage Institute of Colorado, helped get the devoted wife a lump sum of $126,000 to fund his Colorado Springs care.
Success Story #7 – A Denver Woman Gets $106,000 to Help Pay Bills
A 65-year-old woman came to Steve because she had no income–she had literally had spent all of her reserves–and had no money left to pay her monthly bills. She had a beautiful Denver home, and Steve realized that she was house-rich and cash-poor. By getting a Colorado Reverse Mortgage through the Reverse Mortgage Institute of Colorado, she received a cash lump sum of $106,000 to help her with expenses and allow her to stay in her home.
*Be sure to check with your accountant to verify current tax laws.
Note 1: Reverse Mortgage proceeds are based upon the current interest rates at the time the loan closes, the age of the youngest borrower, and the equity in the home. The examples above are based on an interest rate of 6.26%.
Note 2: Borrowers can lock rates in for 60 days from the date of application to the closing. All rates adjust weekly, and the rate for closing is determined by the weekly rate set on Tuesdays of each week (excluding Federal Holidays) and stay valid until the following Monday.