For decades, reverse mortgages have saved the homes and livelihoods of countless seniors. Anyone who has experienced financial hardship late in life knows that it is harder to rebound under the strain of property tax and other expenses than it was back in one’s youth. For instance, take the story of Barbara Jarrett Hyche, a Griffin Reverse Mortgage client in St. Louis, MO, who was forced into premature retirement in order to provide quality primary caregiver service for her mother.
When she stopped working, her business closed without providing personal benefits such as extended leave, sick pay, and health insurance. This unexpected turn of events did not leave time for Barbara to prepare savings for early retirement or additional medical and living expenses for her parent. When Barbara’s mother passed away after her extended illness, Barbara was left with limited insurance and ongoing household bills. Fortunately, Barbara client inherited a home without mortgage payments, but having no income, she was in danger of losing the home to deferred real estate taxes and limited social security income. Without having any resources to turn to and her children in Texas burdened with their own family obligations, she realized her need for immediate income.
Part-time employment was not an option for Barbara so soon after the loss of her mother. As a former independent entrepreneur she did not feel comfortable accepting charitable resources to support herself. It seemed next to impossible to her to restart and finance her closed business after such an extended period of unemployment.
Before her parents fell ill, Barbara worked for over thirteen years as a Real Estate Valuation consultant and Insurance Risk Management Broker. She was well aware that the value of real estate property is enhanced by preventive or pro-active property maintenance, and her parents always demonstrated pride of ownership as homeowners. They made repairs and enhancements to their home that contributed to upgrading the neighborhood property and social values. They were community leaders and are still remembered and well respected. With the home, she inherited these duties and responsibilities to maintain their legacy of good landscaping and maintenance in her old neighborhood. She was not going to watch her inheritance and her parents’ legacy crumble. Finally, a business associate suggested investigating a Reverse Mortgage as a solution to her financial hardship.
Barbara, with Griffin Financial’s Reverse Mortgage and her network of business associates in real estate and financial industries, gained an opportunity for her to save her home, build a home office and finance a start-up business. She had over 20 years of experience in client relations and sales brokerage and so now, at age 65, she is networking with National Association of Women Business Owners (NAWBO), studying for CSA designations and targeting other senior homeowners looking to enrich or supplement their retirement income. Griffin's Reverse Mortgage Program provided estate planning counseling which enabled Barbara to make informed decisions about her particular circumstances.
The Reverse Mortgage program provided not only a home office business with low overhead expenses, it also brought Barbara the time and security to enjoy life again. The equity of her home provided a return on years of investments beyond paying off the mortgage. Her intent to remain in her home allowed the proposed use value and future use value to support the creation of her home office, as well as continue to upgrade with interior and exterior improvements. Barbara’s Reverse Mortgage helped her to recover financially and emotionally from the difficult experience of caring for her parents in their final years. The positive outcome of her financial bind restored her belief that she was in control of her life again.
“I believe that the Griffin Financial Mortgage, LLC reverse mortgage program should be marketed to the new breed of semi-retired senior homeowner entrepreneurs.” These words were spoken from one of our clients in St. Louis, MO who was experiencing a moment in her life where she thought her situation was never going to get better.
Barbara Jarrett Hyche, a former real estate valuation consultant and insurance risk management broker found herself in an early retirement situation in order to take care of her ailing parents. Hyche had made no provisions to care for her parents, had no substantial savings or healthcare plans and worked for herself. Hyche recalls thinking that a restart to her closed business venture was impossible and therefore only had negative thoughts about her future.
“I was a senior. I had a good home which was mortgage free and I had good health. I also had a network of business associates in real estate and the financial industries but it was Griffin’s reverse mortgage program which provided me with estate planning counseling which restored my ability to change many adverse circumstances that developed during and after my experiences as a primary caregiver for my parents.”
She was previously an independent entrepreneur and would not accept charitable resources to support less than adequate employment income. Hyche did not know where she was going to receive financial assistance from until she spoke with a loan representative from Griffin and learned that her mortgage free home could be used for a reverse mortgage.
Reverse mortgages or Home Equity Conversion Mortgages (HECM) are designed for mature Americans over the age of 62 to use their current homes as collateral for a home equity loan. Instead of receiving a loan and having to pay it back within a certain time frame a reverse mortgage pays the borrower for staying in their home. Yes. A reverse mortgages gives borrowers the ability to either receive monthly payments to help with their current monthly income; a lump sum to pay-off bills and possibly their current mortgage; draw a line of credit for as needed money; or a combination of all three. The borrower, you, would keep and remain in your home permanently. Loan payments are only due if you no longer use your home as your primary residence or you pass away. Your income and credit is not considered when making the decision to finance your reverse mortgage, only your age, the current value of your home and the current interest rate.
At age 65 she is back networking with National Association of Women Business Owners (NAWBO) and studying for her CSA designations. She also targets other senior homeowners who need help to enrich or supplement their retirement incomes and life styles.
Robert Griffin specializes in reverse mortgages and has earned the accolade of No. 1 reverse mortgage broker in the Southwest for three years in a row. The owner of Griffin Financial Mortgage LLC, based in Fort Worth, his memberships include the National Association of Mortgage Brokers (NAMB), the Mortgage Bankers Association (MBA), the National Reverse Mortgage Lenders Association (NMRLA) and the Better Business Bureau (BBB). If you would like an information packet or would like to set up an appointment with one of our reverse mortgage specialists, call (866) 683-3690 or complete our online Reverse Mortgage Information.
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