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“I believe that the Griffin Financial Mortgage, LLC reverse mortgage program should be marketed to the new breed of semi-retired senior homeowner entrepreneurs.” These words were spoken from one of our clients in St. Louis, MO who was experiencing a moment in her life where she thought her situation was never going to get better.
Barbara Jarrett Hyche, a former real estate valuation consultant and insurance risk management broker found herself in an early retirement situation in order to take care of her ailing parents. Hyche had made no provisions to care for her parents, had no substantial savings or healthcare plans and worked for herself. Hyche recalls thinking that a restart to her closed business venture was impossible and therefore only had negative thoughts about her future.
“I was a senior. I had a good home which was mortgage free and I had good health. I also had a network of business associates in real estate and the financial industries but it was Griffin’s reverse mortgage program which provided me with estate planning counseling which restored my ability to change many adverse circumstances that developed during and after my experiences as a primary caregiver for my parents.”
She was previously an independent entrepreneur and would not accept charitable resources to support less than adequate employment income. Hyche did not know where she was going to receive financial assistance from until she spoke with a loan representative from Griffin and learned that her mortgage free home could be used for a reverse mortgage.
Reverse mortgages or Home Equity Conversion Mortgages (HECM) are designed for mature Americans over the age of 62 to use their current homes as collateral for a home equity loan. Instead of receiving a loan and having to pay it back within a certain time frame a reverse mortgage pays the borrower for staying in their home. Yes. A reverse mortgages gives borrowers the ability to either receive monthly payments to help with their current monthly income; a lump sum to pay-off bills and possibly their current mortgage; draw a line of credit for as needed money; or a combination of all three. The borrower, you, would keep and remain in your home permanently. Loan payments are only due if you no longer use your home as your primary residence or you pass away. Your income and credit is not considered when making the decision to finance your reverse mortgage, only your age, the current value of your home and the current interest rate.
At age 65 she is back networking with National Association of Women Business Owners (NAWBO) and studying for her CSA designations. She also targets other senior homeowners who need help to enrich or supplement their retirement incomes and life styles.
If you would like an information packet or would like to set up an appointment with one of our Reverse Mortgage Specialists, please call (866) 683-3690 or complete our online Reverse Mortgage Information
Tags: reverse mortgage advice, reverse mortgage information, reverse mortgage review, reverse mortgages guide
