A husbands’ passing, leaving a very emotional and financial instability and amounted financial debts for the elderly wife to settle and continue with her full of needs life, including visits to the doctor, a periodic medications to consume, a simple yet nutrient diet and a family life that comes along with its own joys and troubles and financial needs. With no income to qualify to refinance a current mortgage, the situation can rapidly could have turned into a deteriorating physical health for the unknown rest of her life.
This story is not only of a recent client, unfortunately is very a very frequent scenario and in many occasions, difficult to be fully understood by the closest members of the family who with the intention of helping and continue living their own lives, attempt to offer an apparent simple and easy solution which is selling the house, and relocating her into a retirement home, and by doing do they missed what the elderly woman is most worried about:
- The sense of peace and independence
- Saving the high expenses in reduced spaces offered by the retirement homes.
- The inconveniences of relocating and leaving behind their neighbors, their community and their place of worship
- The loosing of the equity income resulting from the increasing value of the property.
- The loosing of the memories of a lifetime lived with the beloved one in the past, memories that still live in each corner of the property
In this common case, a quicker and cheaper than expected solution was given by the CHIP reverse mortgage which was able to help with the financial situation and where the elderly lady was able to keep and live in her own home without loosing her ownership and neither her sense of independence, dignity and life style.
Happiness is found in the simplicity of life!
