Last week a gentleman met me in the train and there was not enough passengers . He was sitting next to me, he starts conversation from where are you going question and we reached to the topic of home loans as he told me that he has poor financial conditions beside of having good house in the city. He was around 65 years old and he was in need of having loan for fulfilling his needs and he told me that he has 2 children and both are married and settled in their lives.
I told him that reverse mortgage would be best for him as he qualifies for this loan according to his age and property. and he will able to get reverse mortgage proceeds for the rest of his life while living in his home. he felt happy and relaxed after hearing my suggestion but he asked me that he has a exiting mortgage of $100,000 and its not paid off yet, will he qualify for reverse mortgage in this condition. There is a condition that you must payed off your existing loans. So here was solution for his problem. His house was big enough as he said and he must get good value for that.So he can pay off his existing loan by his reverse mortgage money and save rest of the money for future use.
He was very happy when he was leaving train, he said "thanks" and left.
I was feeling great for solving the problem of old gentleman and suggesting him a good way.
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