How a Reverse Mortgage Saved an Elderly Woman’s House (True Story!)

Guest Blog By Homa Rassouli, Reverse Mortgage Specialist

I would like to tell you a true story about how a Reverse Mortgage saved an 82 year-old woman’s house.  Susan (this is not her real name) was blind and had a son living with her with the idea that he would provide care for her.  However, he ran into his own health issues so he was unable to do that.  But, that was not the worse part.  Susan was behind in her property taxes by $30,000.  With Social Security (about $900 a month) as her only income, she was in dire straits because she had only 3 weeks until the City would auction off her home! The most difficult part was that her home was worth at least $400,000 and once the County auctioned her home off they would get 13 times more than her entire property tax bill!  And, she would end up homeless!

As a Reverse Mortgage Specialist, with all the required Federal and State Mortgage Licenses, she was referred to me – and I am so glad she was because I could help her keep her house!

How did I do that? After a discussion with her and her son about how a Reverse Mortgage could help her I immediately got the ball rolling.  I fervently worked with the County to stop the auction by using the Reverse Mortgage proceeds to pay the $30,000 property tax bill and stop the auction on her house.  In addition to having enough money to pay the property taxes she owed, she had an additional $250,000 line of credit.  Her house was in need of major repairs so she was able to take care of these much-needed repairs with the line of credit.  In addition, she was able to pull money out of the line of credit per month to live on and did not have to make any monthly mortgage payments!

It may be true that in some incidences a reverse mortgage may not be the solution to your financial problems; but on the other hand it may be. If you are 62 years-old or older, own your home that is your primary residence, and need money for:

• Healthcare and prescription drug costs
• Home remodeling or repair
• Supplemental income for everyday living expenses
• Assisting grandchildren with education expenses
• Estate and financial planning
• Long term care insurance
• Buying a new car or taking a vacation
• Or anything else you decide you want to use it for!

As you can see, it may be worth speaking with a reverse mortgage specialist to find out your options.

If you know of someone that is of the qualifying age, is struggling with paying their mortgage payments, or needs to purchase a new home that better suits their needs, contact me.  Wouldn’t you want to find out if a Reverse Mortgage would be the best option for you rather than continue with your situation? I know I would.

About Homa Rassouli:

Homa is currently a Reverse Mortgage Specialist. She has all her required Federal and State mortgage licenses to provide you with the help, guidance and information so you are fully informed of your options. Her career has spanned 27 years in the Financial Services industry at Wells Fargo, where she received the designation of “Top Producer” for more than 10 years, and is known for her commitment to providing outstanding sales solutions and superior service for customers.  Contact her (415) 717-4618 or via email: hrassouli@comcast.net.

Finding Forgotten Treasures – “Those Were the Days, My Friend”

GPI Guest Blog By: Jane Lott

Getting ready to move can be a very positive experience and not the foreboding project that many put off to the last minute.  Why not take a walk down “memory lane” every so often while you are still living in your house with no plans for a move in the future?  Just think of the wonderful memories your treasures will bring to the forefront – maybe even some special things that you forgot about.  It is always a good idea anyway to go through your stuff every 5 years or so – because if you forgot about them within that timeframe, chances are you don’t need them.  And, it can be an amazing experience for you and your family to find special treasured memories you had forgotten that you had and to relive those wonderful times because “those were the days, my friend.”

This makes me think of a story about my father.  One Thursday afternoon I stopped by the post office to pick up the mail from our mailbox and discovered that wonderful yellow slip that means a package awaits. After spending a few seconds chatting with Barbara, the cheerful clerk at the Larkspur PO, I handed her the slip. For the first time in four years, I was having a “real” birthday (February 29th) and I was delighted someone remembered. There were four packages altogether — two boxes for my daughter, whose baby is due in the next few weeks, and two boxes for me, both from father.

For the past couple of years, my father has been downsizing, or what he calls “cleaning out my burying box” ~ a large chest filled with memorabilia. He has been delighting his grandchildren — and embarrassing his children — by returning to us all the letters, photos, trinkets, paintings, drawing and homemade pot holders we have sent him over the decades, including photos from the gangly junior high days that we’d certainly rather forget.

I tell you this because it has been a wonderful way for us to relive the good times of the past, an opportunity to forgive and forget the misunderstandings, and a unique strategy for Dad to clean out his nest by relocating his stuff to our house!

In the box from Thursday was a letter he had received from me at university. I had forgotten how much my father spent on my college tuition until I re-read my words, thanking him for his help and, with what I probably thought then as subtly, reminding him when the next semester payment was due.

By sending us these treasures from the past, my father is not only cleaning out his house, he is reminding us of our shared history; he is confiding his own personal story; and he is leaving a legacy for those great-grandchildren who are too young to remember him. In this way, my father embodies one of the goals upon which Silver Rain Estate Transition Services was founded ~ to help save the memories while getting rid of the “stuff.”

GPI Guest Blog By: Jane Lott, Owner of Silver Rain Estate Transition Services. Jane is a member of the National Association of Professional Organizers (SFBA); Estate Organizer, Board of Directors, Marin Senior Coordinating Council/Whistlestop; Marin County Section on Aging; and the Petaluma Care Connection. The Company’s mission is to help older adults and their families save time and money after a major life transition by providing move coordination, downsizing, estate resolution and trustee/executor assistance services.  For more information contact Jane at silverrainets@gmail.com. Or call (415) 601-2613.