Bill and Dee B. purchased a home in a 55+ HOA in Auburn, CA. Dee unexpectedly passed (at a young age of 73) just a few short months after the purchase of their forever home. With the loss of Dee’s income, Bill was struggling to make ends meet and to keep up with the mortgage payments. Doing so, he quickly accumulated credit card debt with no solution to make payments.
Bill was having coffee with his new neighbor and discovered that this neighbor’s daughter worked for American Pacific Reverse Mortgage Group. Due to Bill’s declining financial situation, he quickly reached out to APRMG’s very own, April Nelson.
April saw the writing on the wall, that if Bill didn’t make a different financial decision, the over usage of credit card debt and high mortgage payment could send him into foreclosure. April discussed what Bill’s financial goals were and discovered that he wanted to stay in the home that him and Dee purchased with the intent on it being their forever home. Not only was he financially invested, but he was also emotionally invested in keeping this home.
Due to the recent purchase, April had a good idea on what the property value was and could give him a same day quote. Bill reviewed all options and decided a Reverse Mortgage was the best solution for him.
They quickly moved forward and closed his loan in 30 days!
Bill was able to relieve his financial stress by paying off all credit card debt, make no monthly mortgage payments AND open a line of credit with cash available to draw on at any time.
He is now living out his original retirement plans that he had made with Dee.
All of this was possible with the Reverse Mortgage.
Last names have been redacted for privacy.