Those We Help
“We can use that money for just about anything, but we’re very careful about our spending habits. If we ever need funds to renovate our home, for example, we know where to get the money. And it’s so nice not having a monthly mortgage payment any longer. ” —Constance “Connie” Biddinger
to meet with a U.S. Department of Housing and Urban Development-certified reverse mortgage counselor who could provide additional details and supplement what we learned from Galen.” The couple’s home was appraised at $780,000, which allowed them to pay off a sizable mortgage and negate their monthly mortgage payment. After the mortgage was paid off, they had $80,000 left over in reverse mortgage funds that they used to establish a line of credit to draw on in case of emergencies. “We can use that money for just about anything, but we’re very careful about our spending habits,” Connie says. “If we ever need funds to renovate our home, for example, we know where to get the money. And it’s so nice not having a monthly mortgage payment any longer.”
“We haven’t had the reverse mortgage for very long, but we feel it was the right move for us,” she adds. “The transaction went smoothly, and Galen helped us under- stand everything.”
Darryl Hicks is NRMLA’s vice president of communications.
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