Meet George and Terri
Meet the pair who listened to a new idea to assist a family member with a critical medical need.
George and Terri this father/daughter duo found themselves unable to assist a younger sibling with a very expensive and urgent medical need. A close family friend connected them to our team and the idea of a Home Equity Conversion Mortgage (HECM). They are now able to provide $85K in medical expense support to their family member while simultaneously leveraging the line of credit growth to accommodate a planned future need.
How fast can we do this was the ask. Answer, clear to close in 14 days, with a holiday in the middle and a quick drive to the Oregon Coast on a Saturday for signing. In Terri’s words “I just can’t believe how quick and painless this has been. You have such a great team!”
Since Terri is still working, we modeled her paying into the loan to essentially freeze the balance growth.
By leveraging the accrual on the growing line of credit:
- she will be positioned to make some additional home improvements
- support her 88-year-old father’s needs
- remain in her home for as long as she chooses
There is so much more to this story, but most importantly, these financial tools change people’s lives.
Here’s to Terri and George for allowing me to share the vast number of ways to use the funds and working side by side to create future financial stability well beyond their immediate need.
And about that family friend, he understood the numbers well enough to pique their interest. If you’re unfamiliar with the power of a reverse mortgage or think they’re a bad idea, perhaps you should meet Terri. She is bright and articulate and thanks to a HECM, now has a plan to manage her family’s financial future.
