Once upon a time there was a home owned and occupied by a group of seniors. Together they sought shelter from their collective problems. Shutters were on each window. It kept out the “light”. This group was oblivious to the possibilities. Hiding from the economic meltdown was their way of dealing with the problem.
Finally one day there was a knock on the front door. Reluctantly the door was opened. The visitor said, “Why not enjoy the abundance of things that the “light” has to offer”? “You never learn anything in the darkness”, he continued. In short, nothing changes unless action is taken.
This story is but a metaphor for the lives many of our seniors are living. Many assume that there is little financial help available. Many believe that that they are doomed to continue to suffer in the “darkness of paucity". Many senior homeowners throughout the country, assume having a lack of funds is a permanent condition.
Those of us in the reverse mortgage industry shed a tear for those who believe this has to be their destiny. They do not have to suffer from the malaise of insufficient income from Social Security and the like. Rather, their destiny is to live in a world of certainty where their financial nightmares cease.
The past needs to be forgotten. The future takes shape by the actions of today. It is important that each of our seniors know that they have the power to make a change. A change in the situation can be realized through some kind of ACT. Just as in our parable, the “light” will lead seniors to the discovery of opportunities. Some of these discoveries will take them far out of their comfort zone. This may be scary because of thoughts that may fill their minds; What if a mistake is made; who should I trust; what if I get contradictory advice?
This is why they must seek out experienced reverse mortgage practitioners. Such a person must have character and competence. Such a person must be honest , trustworthy and be extremely knowledgeable about the program. Such a person must make things EASY to understand. And such person will tell a borrower whether a reverse mortgage is even appropriate.
Plenty of help is available. Escaping from a self imposed mental prison is not difficult. When a senior acts they create their own destiny.
Today, when seniors try to turn the equity of their home into spendable income, they look to a reverse mortgage. A reverse mortgage allows you to receive a one-time lump sum payment or it can be dispersed to you in monthly amounts. With a reverse mortgage, you can use your home equity without extending a line of credit.
Rose.
Posted by: Reverse Mortgages | January 16, 2009 at 05:45 AM