Group Hug in the Ending Scene

It all started on October 1, 2013 when I got a call from Patricia, Mortgage Loan Officer at Wells Fargo Mortgage.  She asked me to talk to one of her clients, Ms. A, who needed some financial help.  Patricia and I had worked together on several cases before.  It seems her client, a 73 year old widow had a major roof leak and she needed funds to make the repairs.  When I visited her she told me that she could not get funds by refinancing her current mortgage with Wells because she did not have the income or credit to qualify for more funds.  Her only income was a small pension and Social Security, just enough to pay for the current mortgage and a little left for day to day expenses.

After I met with her I gave her hope that Security 1 Lending could help her with a Reverse Mortgage.  I expected that her current home value would be sufficient to pay off her current loan and have funds to repair the roof.  So she decided to move forward.  After all of the initial steps to application an appraisal revealed that she had more problems than just the roof.  Her rear deck was rotten and falling down, her bathroom shower, commode and sink were inoperable, her sidewalk and driveway had major cracks and the foundation had two major cracks, plus paint was peeling around the windows and doors and chipping in other areas around the house.

FHA requires that these items had to be repaired before we could close the loan. Desperation set in when I found she had no funds to make the repairs amounting to about $27,000.  I had three White Knights who came to the rescue.  The roofer was Gerardo Chavez, GRC Roofing. The Foundation Inspector was James Pearl, Pearl Engineering and the General Contractor was Gary Wade, Wade Brick, Stone and Concrete.  These three heroes agreed to do the work required and wait for their payment when Ms. A’s loan closed.

So now it is Thanksgiving week, Gerardo started on the roof the day after Thanksgiving and the Gary started his work the next week. James inspected the foundation and found minimal work needed to be done, as we suspected.  Thank goodness we did not have any rain to hamper the work and all work was completed, inspected and Ms. A’s loan closed the week before Christmas.

It is great to have referral partners who are willing to step in to help a homeowner in need.  My thanks guys for bringing happiness to a sweet lady who wanted to live in her home for years more.


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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