(Story told by Reverse Mortgage Professional)

Kitty and Charlie had big dreams. Dreams of traveling the world, experiencing Paris in springtime and whale watching in Alaska. With their children grown and most of life’s ups and downs behind them, they both agreed, it was time to focus on Kitty and Charlie. Living hand to mouth at this time in their life was not part of the dream. Their focus needed to shift, away from the children and grandchildren and move towards improving the quality of life they deserved.

As head of the household; it was Charlie’s job to handle the finances. It was apparent that the stipend from social security they were relying on in their golden years was not going to be enough to allow them to travel the world. Being resourceful, Charlie started to research alternative solutions and realized that he was literally sitting in their solution. He saw all of the advertisements on television and received quite a bit of mail about reverse mortgages. Charlie had made up his mind to learn whatever he could about how a reverse mortgage could help them fulfill their dreams. Sadly, Charlie passed away before the research was complete. Heartbroken, traveling the world just didn’t seem appealing anymore.

For months, time stood still for Kitty. Going through the motions of everyday activities took up so much energy. Everyone offered to help her but she did not want help – she wanted her husband. As the fog slowly began to lift, Kitty’s close friend and next door neighbor Debra Genovia began to notice Kitty was struggling financially. Debra was in private geriatric care management (www.caremanager.org) and she had seen this type of situation too many times. One spouse passes away and the other is left to deal with so many financial burdens. Everyone thinks they have planned for situations such as this but, the reality was that no matter how much you plan – it is never easy. Debra was able to get Kitty to open up to her and share her concerns. After carefully listening to Kitty, Debra offered a solution to Kitty’s problems. She suggested Kitty contact MLS Reverse Mortgage to see if they could help by way of a reverse mortgage. Debra had a personal experience with Mike and Josh Borba at MLS Reverse Mortgage as she was one of their customers and had recently refinanced her existing home loan with their help. Debra raved about how friendly and smart the father-son team was and felt certain they could help.

Kitty did remember Charlie talking about reverse mortgages and she fondly remembered how he collected all of the mailers he had received. He called each company, asked questions and took concise notes in the process. She really missed him and wished he was able to help her make this decision. Knowing that Charlie was in the process of exploring a reverse mortgage helped her to feel a bit more comfortable about the idea. Maybe now was the time for her to explore a reverse mortgage. It seemed scary to do this on her own but deep down inside she knew it was something she needed to at least investigate. Because Debra was someone she trusted, Kitty made the decision to call Mike and Josh Borba.

Before the first meeting, Kitty visited with each of her children and told them of her plans. Kitty explained that in addition to using the money to pay off bills and to travel, the house was in need of a few repairs. Her hope was that a reverse mortgage would provide the necessary funds to meet her objectives. Kitty wanted to be sure that her children were part of any decision that she made. She also wanted to be sure that her family understood the details of a reverse mortgage. Kitty and her daughter Janice prepared a list of questions and were well prepared for the meeting with MLS Reverse Mortgage.

Walking into the MLS Reverse Mortgage office, Kitty felt a twinge of excitement as she started to think about not having to hide the fact that she was living hand to mouth from her children. She knew the kids suspected things were out of sorts but she was able to shield them from everything. The past few months had been so difficult for her. With mourning her husband and staying strong for the children, she felt as though she was drowning in a sea of financial burden. As she sat and waited, Kitty’s thoughts drifted to visiting her sister in Minnesota. She thought how wonderful it would be, spending time with Carolyn once again. It occurred to her that a reverse mortgage could be just the thing to help her through this troublesome time.

The meeting began with Kitty and Janice watching a short fifteen minute DVD that explained what a reverse mortgage is and how it works. It was a pleasant surprise to learn that Mike and Josh had more than twenty eight years of experience between the two of them. Janice started to ask the questions that she and her siblings had regarding the impact a reverse mortgage would have on their mother’s future. Questions like: Were there any monthly payments? Does the loan accrue interest? What happened if Kitty had to leave the house and go into a nursing home? Would there be money for the repairs?

Mike and Josh took the time to answer all of their questions. They were very honest and made sure Kitty and Janice thoroughly understood each scenario. By the end of the meeting, it was apparent to everyone that a reverse mortgage was the solution that would meet Kitty’s needs. After getting all of the necessary paperwork together and meeting with a HUD counselor, there was no doubt in Kitty’s mind she was doing the right thing. Traveling without Charlie was not going to be the same but; she knew it was what he would want for her.

It has been almost a year since Kitty’s loan closing and to this day, she is still, so very grateful to Mike and Josh for their kindness. They truly went above and beyond for her and when a contractor appeared to be taking advantage of Kitty, Mike and Josh stepped in and saved her roughly $4500.00 for termite repairs.

Kitty’s independence has grown. She does not rely on her kids, as a matter of fact; her children have even commented on how her sense of security has become steadfast. Mike and Josh are not only a resource, but have also become part of her family. With an increase in advertising to seniors, Kitty receives quite a few offers in the mail to refinance her reverse mortgage. She calls upon Josh and Mike on a regular basis to discuss the offers and they help her understand the options available. In between vacations, Kitty also catches up with Mike and Josh, getting updates as to what is happening in their lives and with their families. Their business relationship has become a wonderful friendship.

It’s very apparent how much this reverse mortgage has benefited Kitty’s life, but what’s not visible to everyone is how much this reverse mortgage impacted the lives and business model of Mike and Josh. It was such a rewarding experience working with Kitty that Mike and Josh decided to focus most of their energy on helping seniors by educating and offering reverse mortgages. Without realizing it, Kitty helped to shape the future direction of MLS Reverse Mortgage!