Reverse Mortgages – Helping People Everyday Setting up a Bachelor’s Dream Retirement
By Steve Schaefer, NMLS # 1850/950999
As a reverse mortgage advisor with American Family Funding I have the opportunity to help people every day. I am reminded of one client’s situation.
My client was a lifelong bachelor in his early 60s. He had worked in the automotive repair business most of his life and had developed an interest in classic cars. Now he wanted to stop working and pursue his hobby fulltime, restoring classic cars and attending classic car shows.
The problem was that he lacked the necessary savings and monthly cash flow to sustain a long term retirement. Fortunately he did own his home outright and had a rental property that he owned outright as well. Still, a modest Social Security benefit and rental income would not be enough.
He had heard about using a reverse mortgage to tap the equity in his home without having to take on a monthly mortgage payment, but he wasn’t sure it would work for him. After consulting with his financial advisor he called me. I did a personal reverse mortgage analysis for him and we met to explore his options.
We developed a reverse mortgage plan for him to tap the equity in his home and receive monthly payments for as long as he lives in the home as his principal residence. We had found the missing piece of his retirement plan. His Social Security income, rental income and monthly reverse mortgage income would now be enough to support his retirement. As long as he lives in his home as his primary residence, pays his property taxes, homeowners insurance, and properly maintains the home, he can live in his home without having to make a monthly mortgage payment.
It was a great outcome for my client. He is now able to enjoy his dream retirement — restoring classic cars and traveling to classic car shows throughout the West.
If you would like to explore the possibilities a reverse mortgage can offer, please call me at (661) 505-4308 or email me at steve@affloans.com. I am happy to help tailor a reverse mortgage to best fit your needs.
Steve Schaefer
Reverse Mortgage Specialist
NMLS#1850/950999
Direct: (661) 505-4308
Fax: (661) 284-1163
28368 Constellation Road, Suite 398
Santa Clarita, CA 91355
© 2017 American Family Funding, a Division of American Pacific Mortgage Corporation. Equal Housing Opportunity. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
