Reverse Mortgage Testimonials

Aldonia Bradford – St. Paul, MN
Ninety-one year old Aldonia Bradford had no desire to leave her well-appointed two-story home of 52 years, but refinancing had left her with mortgage payments after her second husband died. “I paid them,” she said. “I was able to pay them because I used all my insurance money.” The first eight monthly payments exhausted the insurance benefit, leaving her with a payment that would consume most of her monthly income from a pension and Social Security. Mrs. Bradford got a Reverse Mortgage and was able to avoid foreclosure. From now on, every month the house will pay her.

Harriet Dailey – Oak Harbor, WA
Ms. Dailey taught kindergarten through 12th grade for 32 years in San Jose, CA. Then in 1990, she retired and moved to Oak Harbor, WA. After retiring, Ms. Dailey soon recognized that her small pension, plus Social Security, wouldn’t be enough to cover her daily living expenses. So she took a job with a local agency that provides in-home care assistance. Although it was very rewarding work, working 40-plus hours a week started to take its toll. She went to listen to a lecture on Reverse Mortgages and not long afterwards she applied for one. With the proceeds from her Reverse Mortgage, she paid off her existing first mortgage. She then set up a $10,000 line of credit and scheduled it so that she would receive monthly payments of $684. Ms. Dailey has used her credit line to help pave part of her driveway and repair her car. More importantly, the fixed monthly payments that she receives have enabled her to cut back on her work schedule and take a more leisurely approach to life. “The Reverse Mortgage has literally saved this little old lady’s life,” she said.

William Ellis – Vancouver, WA
On May 13, 1988, William Ellis’ life changed forever. It was on this day that his wife, Beulah Marie, suffered a debilitating stroke that left her wheelchair-bound. “Her mind was still sharp but she was left partially paralyzed on her right side and had problems with her speech,” says Mr. Ellis, 77. “I certainly didn’t want to see her put into a nursing home. I wanted her here with me.” The solution lay in adding a fourth room to accommodate his wife’s needs. “The existing rooms and hallways were not wide enough to accommodate a wheelchair, so we had to do something,” Mr. Ellis notes. He applied for a Reverse Mortgage and used the proceeds to pay for the addition and other changes including a handicapped accessible shower and additional furniture. “I got enough money to cover the costs to make these changes plus some left over to cover everyday expenses,” explained Mr. Ellis. “It really helped out.”

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Katrine Denese – Jacksonville, FL
Katrine Denese, 80, suffers from paranoid schizophrenia and Parkinson’s Disease. Yet the last thing her kids want is to have her placed in a nursing home. “My mother’s home is her security – she loves it there,” said Janet Hayes, one of her four children. Although still able to function independently at times, Ms. Denese requires round-the-clock care because of dementia. Using the money from her mother’s pension and Social Security, Janet has hired caregivers to take care of her mother. But that level of care requires money – lots of it – and last year it became clear that the pension and Social Security were no longer going to be able to cover the cost of the caregivers. Hayes thought about mortgaging her home but, in the end, chose a Reverse Mortgage and has hired two caregivers for her mother. “What sold me on the Reverse Mortgage was that even after my mother exhausts all the money, she can still stay in her home as long as she needs to,” said Hayes.

Dorothy Rogers – Hampton, NH
John and Dorothy Rogers were living a normal, happy life when, in August, John suddenly passed away a mere 20 days before retiring. “I lost John, his insurance, and most of his pension,” Ms. Rogers said. To make ends meet, she lived off her Social Security. But over time, the $743 she received was barely enough to cover her daily living expenses. “Every time I went to the grocery store, I’d have to choose between prescription drugs or food,” she remembers. Ms. Rogers applied for and closed on a Reverse Mortgage and is current receiving $634 a month in extra income. Needless to say, Ms. Rogers life has completely changed for the better.

Charles and Joan Henning – Mishawaka, IN
Charles and Joan Henning, 79 and 77, respectively, have 26 miniature flags in their downstairs living room. Each represents the country of a foreign exchange student they have befriended. Although the Hennings are no longer a host family, they’ve kept in close contact with many of their exchange students. Three of them, Christine from France, Gabrielle from Mexico, and Carlos from Brazil, got married in 2002. The Hennings were invited to attend all three weddings, which were held in their friends’ native countries. We got the Reverse Mortgage so that we could go to France and Brazil,” explained Joan. “Later we were invited to Gabrielle’s wedding in Mexico. Getting the Reverse Mortgage was a smart move because we didn’t have to dip into our savings.” The couple took out an initial draw to pay for the trips and left the balance in a line of credit. In addition to paying for their travel, the Hennings also used the funds to buy a computer. The couple now uses e-mail to keep in touch with their children and other friends.

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Herbert and Barbara Hoffman – Poultney, VT
Herbert and Barbara Hoffman, aged 85 and 73 respectively, have lived in their turn-of-the-century farmhouse for over 25 years. Unfortunately, Herbert suffers from Parkinson’s Disease which progressively made it difficult for him to walk up the steep stairs to his second-floor bedroom and bath. “We didn’t want to move because after you’ve lived in a place for as long as we have here, you’ve arranged things in a certain way and you become a part of the surroundings,” noted Barbara. The couple decided to get a Reverse Mortgage and use the funds to add an addition onto the back of their home. Other ground floor alterations were also made to make it easier for Herb to move through the couple’s house. Barbara said, “If we hadn’t gotten the Reverse Mortgage, we eventually would have had to sell our home and move into another place. Getting the Reverse Mortgage was one of the best things we ever did.”

Barbara Smith – Littleton, CO
Barbara Smith, 72, loves the outdoors. “I guess I got the bug when my husband and I moved from Cincinnati to Littleton in 1986,” she says. “I started backpacking soon after. Colorado is such a beautiful state to explore.” Not long after moving to Littleton, Barbara and her husband, Everett, bought their first motorized camper and took numerous trips. After his death in 1991, Barbara continued to travel. Barbara added, “I’ve put a lot of miles on my camper, so last year I decided that if I was going to continue traveling, I would need a new one. Mine was worn out.” Without enough savings to buy a new one, Ms. Smith decided to get a Reverse Mortgage. Using the proceeds, she traded in her old camper and bought a brand-new one, built to her specifications. Barbara recently took delivery of her new camper.

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