Remarkable Mortgage

“You Just Gave Me Back My House.” part 3

Remarkable Mortgage Stories

Colorado Reverse Mortgage Stories By Mark Allen Schmidt

Fall scene Notch Mountain view HWY 24 Colorado photo by Mark Allen Schmidt

"You Just Gave Me Back My House." part 3

Betty had the income, now we needed to hear from back from the underwriter about her extenuating curcumstances.

Mark Allen Schmidt

Back To Our Deal: What The Underwriter Decided

A few days later we heard back from the underwriter. The letter I submitted for the extenuating circumstances on the late payments for her mountain home; the box was checked as “cleared” (when we get conditions on a loan, there is a box that the Underwriter must check to clear the condition). The late payments were no longer an issue. I called her and delivered the good news.


Next Hurdle, The Appraisal 

We ordered the appraisal and waited for the report. Because I’m not using Betty’s real name, and because she gave me permission to share her story, I’m going to give you the real numbers with which we were working.

-My estimate of her homes value: $435,000.

-The appraisal amount we need for the deal to work: $430,000.

-The amount we got in the appraisal: $480,000 (that’s the Denver Market!).

A rule of thumb* (an estimate not a guarantee) In Reverse Mortgages; for every $10,000 rise in appraised value, The borrower gets between $4-$5,000 in their credit line (available money)

Denver Park observatory photo by Mark Allen Schmidt

The Bottom Line Of This Deal: We made it with money to spare.

The higher appraisal (+$45,000) meant that Betty would now have around $24,000 available in her Line Of Credit (LOC) 

What a blessing, one that we did not expect! We closed the deal, I drove Betty home and that is when she said, “Mark, you just gave me back my house.

So that you understand the importance of the Reverse Mortgage loan to Betty, this is what would have happened if we were unable to close her deal. In about four months, Betty would have run out the savings she was using to make her monthly mortgage payment. 

That would also mean she would need to sell, move and start again. And if she couldn’t do that in time, the bank would foreclose on her for missed payments and she could have lost her home and about $280,000 in equity.

If you have ever been through a move from a long-time home, you know how difficult and draining that process can be. Deciding what to keep, what to give and what to toss out is emotionally and physically taxing on the homeowner. The experience is far more traumatic for a person who has to move due to financial concerns.  


A Reverse Mortgage can be a life-changing and house-saving event for borrowers and their families. For Betty, this deal was both.

Mark Allen Schmidt

Mark is the host of Remarkable & author of The Remarkable Reverse Mortgage Stories
Mark is a Colorado Reverse Mortgage Secialist. NMLS 846014 CO 100037582
720-206-4539  AKA...The Prime Guy

Mark Allen Schmidt

Call or Text Mark


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