Those We Help
Reverse Mortgage Lessens Fear of Running Out of Money By Darryl Hicks
IN SURVEY AFTER survey, older Americans say their biggest fear is running out of money. For one California couple, a reverse mortgage has minimized those fears. Constance and Robert Biddinger, ages 76 and 86, respectively, live in the charming community of Monterey, CA. Located two hours south of San Francisco along the Pacific Coast Highway, Monterey is renowned for its coastline, world-class aquarium and several John Steinbeck books set there. Constance, who goes by Connie, and Bob have been married for 38 years, but neither is a California native. Connie grew up in Bad Axe, MI, and Bob in Cedar Rapids, IA. “My first husband was stationed at the Defense Language Institute in Monterey, where he learned Japanese,” Connie says. “Bob’s first wife was an airline stewardess who was based in San Francisco. We both moved out here to support our spouses.” For much of her professional career, Connie per- formed administrative and secretarial work, while Bob was a corporate guy. “Bob eventually went into the tech business and retired as a tech consultant in the Bay Area,” Connie says. Both saved well for retirement, but stock market volatility in recent years has hit their investments hard. This prompted them to start thinking about alter- native solutions, such as a reverse mortgage, to further boost their retirement income. Bob belonged to the same health club as Galen Call, CRMP, reverse mortgage division manager at Treehouse Mortgage Group, a division of American Pacific Mortgage.
Robert and Constance “Connie” Biddinger no longer worry about money during retirement because of their reverse mortgage.
When the Biddingers first met with Galen, Connie was hesitant to proceed because she felt the upfront fees were too high. “The reverse mortgage was also a foreign concept to me,” she adds. The couple thanked Galen for her time but decided to wait a little. Eventually, the Biddingers’ financial adviser convinced them to have another meeting with Galen. “The more we learned, the more we decided it was the right move,” Connie says. “It was especially helpful
32 REVERSE MORTGAGE / SEPTEMBER-OCTOBER 2024
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