Agent

Real estate values boost reverse mortgage benefits

Phone call to lender doubled one senior citizen's monthly income

The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017

DEAR BOB: About five years ago I got a reverse mortgage on my house. It relieved me of a great amount of worry about retirement income, which didn't stretch enough to keep up with inflation. You do a great service to older people like me. But you need to tell us more. When I received my 2003 property tax bill, I realized the market value of my home was nearly $100,000 higher than when I obtained my reverse mortgage. I phoned my reverse mortgage company, Financial Freedom Plan. The result is my monthly reverse mortgage payments to me were more than doubled. I can't tell you how much that additional income means. Please tell all the other senior-citizen reverse mortgage holders out there to keep an eye on what their homes are worth now. – Lucy B. DEAR LUCY: Shame on me for not explaining senior-citizen reverse mortgages can be periodically renegotiated (refinanced) as the market value of the home appreciates. But I'm glad you obtained a reverse mortgage five years ago and are very...