iReverse Home Loans - Testimonials
Meet Mrs. Cecelia Oliver
Ms. Cecelia Oliver's situation was not uncommon. At age 71, she only had Social Security and a small pension for income. After paying her mortgage, she only had $400 a month to cover the rest of her expenses. Yes, she was surviving, but that's all she was doing. A wish of hers was to leave her ho.me to her son who lived with her. Unfortunately, his financial situation was also limited. Meaning, if she passed away, there was a good chance he would not be able to refinance this house. Because he would not be able to refinance the mortgage in his own name, he would be foreced to sell the home. It's not the end of the world, but it was not what Cecelia wanted.
Cecelia's Old Situation:
- Limited income, Social Security and a small pension
- Substantial mortgage which she could be foreclosed on if she misses payments
- Wanted to give her home to her son upon her passing
- Son could not assume loan on his own and would be forced to sell
With the help of the Home Equity Conversion Mortgage a.k.a. Reverse Mortgage, we were able to greatly improve her situation. One of the benefits of the Reverse Mortgage is there is no monthly payment required. With no mortgage payment due, the money she was once sending to the bank, she now keeps in her own pocket to spend at her discretion. Cecelia really wanted to make sure her son had the best opportunity to keep the house so she took out a portion of her monthly savings and bought a life insurance policy. the life insurance policy will be used to pay down most of the outstanding mortgage balance. By restructuring her finances, she addressed her desire to give her home to her son and she kept an extra $500 a month in her pocket.
Cecelia's New Situation:
- She is guaranteed to stay in her home for as long as she lives, as long as it remains her primary residence and meets the reverse mortgage requirements
- Using life insurance to pay off the loan so her son can keep the house
- Increase her spendable income by more than $500 a month.
Here is what other Reverse Mortgage clients had to say after receiving their reverse mortgage:
Mark and Kate Washington - Temple, Texas
“Everyone was courteous and very nice. The system for obtaining a reverse mortgage home loan is great just like they say it is. They did everything in a timely manner and they were very helpful with information and getting the mortgage done. Thanks!”
Clark and Olivia Fields - Austin, Texas
“Personal contact was great! Both John and Crystal made themselves available to us on weekends, after hours and even on vacation.It was a first rate experience, thanks to their dedication and hard work.”
Manuel and Maria Rocha - El Paso, Texas
“Very prompt, helpful and polite. They did a very excellent job. I do appreciate them very much. They said they would get something done and they did.”
Rodger and Chu Barker - Corpus Christi, Texas
They covered the information very well needed by us. Both Mr. Nations and Ms. St Pierre were most helpful and that included returning my phone calls promptly. That is very important to me. On another note:
Mr. Valdez,
I appreciate your firm asking for feedback from clients- “after sale”. Many firms have no interest in the client “after sale”. Your firm apparently
does. Thank you!”