Happy to be Home
In our business, there are many heartwarming stories of success. Here is one such story, about a couple who loved their home but weren't sure they could continue to afford to live there. A reverse mortgage provided them with the cash flow they needed, and they lived there happily ever after.
Hank and Kathy have lived in their home for nearly 30 years. Hank is a retired pilot, and Kathy worked in the school system on and off while raising their children. They both saved for retirement through the company and started sponsored plans. However, the high cost of living in their area outpaced their increase in social security and growth of their available assets.
Their goal was to remain in their home and age in place. They shared with Coastal Finance that they had so many wonderful memories of the home and the children growing up there. They couldn't imagine living anywhere else.
Coastal Finance implemented a reverse mortgage and set up a credit line for Hank and Kathy. They now are living the lifestyle they had grown accustomed to and are not in danger of outliving their retirement. Hank shared with us several months later that it was the best thing they had ever done. Kathy shared with us that Hank had made a habit of giving the three grandchildren five dollars every time he saw them. For a period of time, Hank was heartbroken because he could no longer afford to do this and it bothered him greatly.
He is back to handing out those five dollar bills. It puts a big smile on his face to be able to be back to his old routine with his grandsons.