“Sally,” The Lady Who Believed For The Best. part 1
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Remarkable Mortgage Stories
Colorado Reverse Mortgage Stories By Mark Allen Schmidt
"Sally," The Lady Who Believed For The Best. part 1
My First Deal With Chico
You might find a few realtors who will go above and beyond the scope of their practice to help clients who intend to pay them for their services. But you won’t find many realtors who will help the family member of a former client, especially if that family member has no ability to pay him for the work he does for her. Here’s a Chico and Mark story I’ll call, “Sally, the lady who believed for the best.”
One cold Denver afternoon…
I got a call from Chico. “Mark, I have a lady who wants to talk with you about a Reverse Mortgage.”
“Hi Chico. Sure, let’s go see her,” I said. Chico arranged a time to meet, I drove into downtown Denver and pulled up in front of her house. A few moments later, Chico pulled up across the street, we both got out of our car and walked toward the front door together.
We knocked on the door, Sally greeted us with a warm smile, invited us in and offered us a seat at the kitchen table. Chico introduced me and we started chit-chatting about the weather and about her home and family. I asked Chico, “How do you know Sally?”
He said, “I’ve done some business with her family, and I knew her husband.”
I turned toward Sally and said, “Miss Sally, I like to ask this question. What do you know about Reverse Mortgages?”
She paused for a moment, then said, “Well Chico seems to think this might be a good thing for me. What I do know is that I can get rid of my mortgage payment. Chico helped me do a loan modification a few years back and the interest rate will go up pretty soon. I won’t be able to afford that. I can’t really afford the payment now.”
“How much are you paying now?” I asked.
“About $400 a month,” she said.
Her Situation Was Tougher Than I Imagined
Sally was living on a little more than $600 a month from Social Security. Her husband had died a few years earlier and since that time, she had somehow managed to make ends meet. Later on, when I looked at her credit, she had never been late on a payment. That is Remarkable!
Over the years, I’ve done a number of Reverse Mortgages with people who were spending around half of their monthly income on a house payment. Those people also never had late payments. That is one of the reasons why I am in the Reverse Mortgage business; this loan has changed the quality of life for many people.
Back to Sally and Chico at the kitchen table.
We talked for while longer, I jotted down some notes and gathered the information I needed in order to generate a Reverse Mortgage proposal. With that information in hand, Chico and I stood, thanked her for inviting us into her home and we headed out. On the way back to the cars, I asked Chico, “How has she managed to survive on so little income?”
“You might need to ask the good Lord about that,” Chico replied.
Mark is the host of Remarkable Mortgage.com & author of The Remarkable Reverse Mortgage Stories
Mark is a Colorado Reverse Mortgage Secialist. NMLS 846014 CO 100037582
720-206-4539 Remarkablemortgage@gmail.com AKA...The Prime Guy