From Dependency to Independence

I have been working with a client for about two and a half months now.  She was referred to me by a personal banker.  Rosa I will call her, had gone to the bank to see if she could refinance her mortgage loan.  Well that was impossible.  You see her only income was Social Security of $1562 a month and her current mortgage payment was $1510.  No additional income and my private banker could not help her at all.  She called and asked for help.  She really wanted to help Rosa.  It seemed the home value I was using, a  conservative value, would not help her.  She needed more home value.

Well home values in the Castro Valley/Fremont area have been climbing above 15% or more over year ago numbers and if we crossed our fingers we might make it work.  Rosa decided to take a chance and make an application.  There were some out of pocket expenses that she did not have but her sister wanted to help on the chance we could help Rosa.  Counseling for the reverse mortgage was completed and the application was submitted.  The appraisal was made and we held our breath.  WOW we were so happy that the appraisal came in $40,000 over our estimate and Rosa would be able to pay off not one but two mortgages that we found were on the property plus a state tax lien that was attached to the property after her husband died two years ago.

Last Thursday Rosa signed the papers that will pay off all liens and give her $35,000 extra that she will have in a credit line.  Now she does not have monthly mortgage payments and has her monthly Social Security to pay for her living expenses.

Now instead of depending on her family to pay her bills she is independent and has money to spare.  This is why I love what I do.

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About Marty Appel

I work with clients who are looking to purchase a home or refinance their existing mortgage using the FHA HECM (Home Equity Conversion Mortgage). I have developed a specialty with over 14 years’ experience in reverse mortgages. I pride myself on my ability to assist older homeowners navigate the reverse mortgage process with ease and confidence. I help seniors improve their financial future and remain in their homes. My technical knowledge of FHA rules and lender policies help clients avoid the pitfalls in the loan process experience. My passion and longevity make me an excellent source of valuable information about everything there is to know about a reverse mortgage.
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