Senior citizens, mortgage loan originator John Alma Hanson and his homemaker wife Kathy, have been happily married since their 20s. Although they can afford to pay the bills now, John has had two major surgeries in the last few years and still suffers from back pain.

Naturally, John worried, “What if I’m forced to stop working or die suddenly? ”

Faced with his own mortality, John took stock of their situation. “Financially, we didn’t have to do a reverse mortgage. At least not now, anyway. I have work income, an annuity, retirement money and social security. But if I were to pass on, my work income and social security would go away. Kathy would still have her social security and some annuity money but it wouldn’t be enough for her to cover the monthly mortgage, let alone any medical needs that could arise like home elder assistance.

Under the circumstances, we figured it would be wise to go ahead and get a reverse mortgage now. With the reverse mortgage in place, if I die, Kathy won’t have to make monthly mortgage payments. All she’d have to pay are yearly property taxes and home insurance."

John continues, "We are your classic baby boomers. We were taught to treat our homes like a piggy bank you deposit into every month and never withdraw from. ‘Keep on paying the mortgage so one day, 3 decades later, you own it free and clear as you enter your golden years.’

Meanwhile, our kids have all grown up, moved out of the area and started families of their own. They’re not interested in the house when we’re gone. They’d just as soon sell it and split the proceeds. Wouldn’t we be better off to stop stuffing money in to this piggy bank and get a reverse mortgage so our home lets us ‘age in place’ with dignity and a good quality of life?

Better still, the government guarantees our reverse mortgage will get repaid when our home is sold or the last occupant dies; generally from the equity that's remaining or the government insurance fund. Any money from the sale above the balance on the mortgage goes to our children. And we feel good about that!”



Reverse Mortgage Rescues Gilroy, CA Senior’s 
Later Retirement Years from Impoverishment

When Joe Garcia, now in his 70s, decided to stop working, he had amassed a fairly large nest egg. Joe, it seemed, was all set to enjoy a fun retirement that would allow him to live well after 40 years of hard work. But just 10 years in, unexpected expenses robbed Joe of the "golden" in his remaining years.

Financial Help for Seniors in a Bind

Like all too many seniors, Joe was down to Social Security with no other source of income. Adding to his stress was the $30,000 he had in credit card debt plus his monthly mortgage payments. Although the mortgage had only $25,000 left to be paid off, because mortgage payments are the same amount every month, it was still a sizable sum for a retiree to cough up every 30 days. And the house needed repairs too.

Reverse Mortgage Guidance from a Senior for a Senior

Joe called upon reverse mortgage expert and senior citizen, John Alma Hanson for guidance so Joe could continue in retirement without being forced into a life of punishing austerity.

Says John, “Many seniors are unable to qualify for conventional refinancing because they don’t have anything other than Social Security for income. When you opt for a reverse mortgage solution, it frees up this ‘piggy bank of cash’ you’ve been paying into all these years and have certainly earned the right to draw upon it.”

One Reverse Mortgage Solution Yields 4 Big Benefits

John continues, “Because Joe decided to do a reverse mortgage, he was able to pay off his existing mortgage and eliminate a $1,000 monthly payment. This helped Joe with day to day cash flow. Plus, he paid off his credit cards and got that debt off his back. What’s more, Joe was able to get the house repairs his home needed. Better still, we set up a credit line for him so he could write checks against the line as wells as enjoy a monthly income."

Joe adds, “I get to stay in my home. I love this house and I really didn’t want to leave. My family and friends are in the area and I didn’t want to impose upon them. This way, I can live here without worrying about paying for the house while it continues to appreciate in value.”


Reverse Mortgage Speeds Up Property Settlement 
So Divorcing Couple Can Move On


After two decades of marriage, Janice and Jeff had grown apart. Jeff wanted to relocate back East Janice wanted to stay in San Jose. Even though they owned their home free and clear, it had doubled from $400,000 to $800,000 leaving Janice not able to qualify to buy out Jeff’s half.

That’s when Janice and Jeff happened to meet John Alma Hanson, a regional expert in reverse mortgages.

Says John, “For most divorcing couples, the biggest stumbling block to a swift and smooth property settlement is the high equity value in their home. Often times, neither spouse is able to qualify for a loan by which to purchase the other spouse’s share of the home’s value. A reverse mortgage solution makes the home’s equity liquid so they can arrive at a mutually beneficial property settlement sooner rather than later.”

John continues… “Because she decided to do a reverse mortgage, Janice was able to tap $320,000 in equity and with some additional retirement money; she paid $400,000 to Jeff.”

Says Janice, “Now, I get to stay in my home for as long as I want and I don’t have to make monthly house payments. This really helps with cash flow. And someday when I’m ready to retire and live somewhere else, I can sell my home and plan to have the mortgage paid in full.”