Lifestyles over 50 Finance & Money
A reverse mortgage may help you pay off debt and provide breathing room John and Carol love getting their grandchildren off the bus, volunteering at church, and going for long walks together at Trexler Park in Allentown. They worked hard all their life but still have a small mortgage remaining on their home. Although retired they are in good health and very active. “I keep busy doing the things I enjoy and being with people that I love,” says John of his golden years. To make extra money John works part-time at a hardware store. Both are in their early 70s and receive social security as well as a small pension from John.
Despite their simple lifestyle they wish that they had a larger financial cushion to do things that they enjoy like travel and spend extra money on grandchildren. “We paid for college for all three of our children, helped one of the kids out of a jam as an adult, and had other expenses that did not allow us to save what we hoped,” admits Carol. “John will continue to work part-time, but we don’t know for how long, and with maintenance on the home and property taxes we just wish we had a little extra breathing room.”
This story may seem familiar because it is very common. This couple, whose names we have changed, are happy reverse mortgage customers. “One afternoon Carol called, and she was very frustrated,” says Jill Muhr reverse mortgage consultant with Consumer Trust. “She was going through bills and overwhelmed about their situation. She had heard about reverse mortgages, but was unsure if it was a good option for her and John.
After that initial phone conversation Carol and John went to the Consumer Trust office on Hamilton Boulevard in Allentown. “Jill and Frank welcomed us and were very patient with our questions,” remembers Carol. “The idea of a reverse mortgage was new to us but once we learned the details about how it worked we were elated to know that it would be a solution to some of our financial concerns. John especially liked the idea that the home remains in our name and that we can still leave our property to our children, and no longer have a mortgage payment at all.” This couple qualified for a reverse mortgage and now
have access to extra money to give them that extra cushion they were needing. If you are 62 years of age or older and have equity in your home, call us at 610-398-9500 to see if you can benefit from a reverse mortgage from Consumer Trust Mortgage. Please call us at 610-398-9500 to see if a reverse mortgage is right for you.
Consumer Trust Mortgage Corporation is located in the Atrium Building at 2895 Hamilton Blvd., Suite 103, Allentown, PA 18104. NMLS: 126236