This is the kind of call that makes my day
The other day I got a phone message from a very nice lady. She said, “Mark, my name is _____, my neighbor Mark (a realtor friend of mine) gave me your number and said you are the guy to talk with about a Reverse Mortgage.”
I called her back a few hours later. “Hi, this is Mark Schmidt, the Reverse Mortgage guy, how is your afternoon?”
She said, “Pretty good for an old broad!”
I laughed for a moment and said, “you sound like the kind of person I like to talk with. How can I help you?”
“My neighbor, Mark said you are an honest guy and that I should talk with you about a Reverse Mortgage.”
When I asked her what she knew about a Reverse Mortgage she said, “Not much.”
I said, “Still, please, tell me what you know.”
She said. “First, I don’t have to make a monthly payment, but I can if I want to. And, I think I still own my house but the bank, or the lender has a lien on my property.”
I said, “You are correct. You always own the house. A Reverse is a mortgage loan, like the mortgage on your home right. You still own your house, isn’t that right?”
She said, “That’s right. I also know that I can stay in the house as long as I want. And I want to stay here until they take me out, toes-up. No old folks home for me.”
She Knew More Than She Thought, And Much More Than Most
We talked for a while about her personal situation, her income and about why she was interested in pursuing a Reverse Mortgage.
One interesting issue that came up was that she lives in a Condo-Complex. I asked her if the Condos were FHA approved?
She said, “Yes, now they are. The last HOA company let our FHA approval lapse, it was too much bother for them to do what we hired them to do.”
She added, “I was all over them to get our FHA approval.”
“That’s part of what we pay them for and, because I want to get a Reverse Mortgage.”
I said, “Remind me to always do what I promise you.”
“That’s why I called you, Mark said you are a man of your word and that you are honest and hard working.”
That’s the kind of phone call that makes my day.
Net Results from Her Reverse Mortgage: An extra $700 a month. She was making a $700 P&I payment (principal & interest) payment on her condo mortgage. That was a life changing event for her.
Endnote: We closed her Reverse Mortgage Loan three weeks from the date of that first phone call. I’m thankful that a Realtor Friend Referred This Nice Lady.