Life turned to be complicated for Derrek Knighton, 65 years old, since he retired from his job. He was on a fixed income but the costs of his necessities tend to increase. Some parts of his beautiful house needed to be repaired. Besides that, he needed more money to pay someone to clean up his house since he couldn’t do it by himself. His rheumatism kept him from doing it.
He thought about starting his own business to get extra money to fulfill his need. But he didn’t get any idea how to get the other source of cash for the capital.
One day, his friend, Ben Johnson told him about reverse mortgages. Johnson said Knighton could use his home as collateral for “loans you don’t have to repay”. At the first time Knighton was skeptical. He tried to get more information about reverse mortgage from internet. When he knew that he could receive money and he would still own his house, he took out a home equity.
Now, Knighton feels relief. He can pay his bills, he still owns his house, and even he is starting his own business. Besides extra cash, he got one more thing from reverse mortgage. It was medicare supplemental insurance which was the solution for his health problems. Life soon turns to be so beautiful for him now.
1 comment:
Reverse mortgage is a useful estate planning tool that banks and financial institutions ought to offer making available to seniors. It's a great security for them to ensure the delivery of their pensions in the amounts they thought forthcoming.
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