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Reverse Mortgage Success Stories

Poor health should not mean losing your home…
In early May, 2006, a BCI Originator received a phone call from the daughter of an 85 year old lady with serious health problems. The bank was threatening to foreclose on the mother’s property which was located in East Haven, CT. We discussed the possibility of a Reverse Mortgage and it appeared that it was one of the few avenues this person had to remain in her home.

The application was taken on a Wednesday and on that Friday; a local sheriff placed a “notice of foreclosure auction” sign on the front lawn. The sign had an auction date on Saturday, two weeks hence. The daughter placed a frantic phone call to me to see if there was anything I could do.

I spoke with and wrote letters to the bank and their attorney requesting that they delay their foreclosure proceeding to allow for processing of the Reverse Mortgage since there would be sufficient funds to pay them in full. They agreed to a one month extension based on the information provided.

The loan processing went smoothly, the bank was paid out and there were additional funds available to pay other bills that were in arrears. Without the availability of our Reverse Mortgage program, there would have been little alternative other than selling the home. The customer and her daughter were delighted with the outcome.

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BCI helps people to avert foreclosure…
Another BCI loan originator had a customer who had paid off two (2) mortgages that were costing him $1,600.00 per month. We saved his property for him because he was in foreclosure and paid off some back taxes and he now had that $1600.00 for other expenses and to help him to enjoy a stress free life.


A customer, DF, wrote to us and ‘He said taking out a Reverse Mortgage pulled him out of a big hole he was in. With his proceeds BCI paid off his mortgage and $36,000.00 in back taxes. He also was able to buy his wife a new car and still has a line of credit available to him.

Sometimes a Reverse Mortgage just helps people to live more comfortably…
BMO of Mystic CT wrote: My husband and I, with the help of our son, looked into a Reverse Mortgage because of our financial needs. The cost of living was going up while our retirement funds were going down, and it was getting harder to make ends meet. The application process went very smoothly. All of the details of the Reverse Mortgage were clearly explained, and any questions we had were thoroughly answered. We are very happy with our decision to get a Reverse Mortgage.

A physical handicap does not mean you have to move out of your home...
My parents have lived in their home for 51 years. Even though their house is not suitable for my father’s physical needs, there is no other place they could ever call home. So my siblings and I were faced with the challenge of allowing them the dignity of staying in their home while addressing their increasing physical needs. We saw an ad for reverse mortgages, and did some research. We were relieved to find out that a reverse mortgage was the perfect answer to our problem. From the money they were able to receive, a new handicapped-accessible shower and a chair lift to the second floor were installed. They also chose to receive a monthly check to help with their prescription expenses. My parents feel proud that they could “do it on their own”, and not burden their children.

A sudden loss of income does not have to end in disaster...
My in-laws sold their mortgage-free home and built their dream home just 4 years ago. They are truly happy here and since my father in-law planned to work for at least 7 more years, they were comfortable with the fact that they had a small mortgage. Then the company he worked for closed its doors and everyone was laid off. Finding a job at 63 proved to be difficult. Now they are faced with the financial burdens of monthly health insurance and mortgage payments in addition to their other monthly bills & taxes. They were so distraught, they considered selling the property. This broke my heart. They worked all their lives; they deserved to be happy in their dream home. Since they already had equity in their new home, my husband & I looked into the benefits of a reverse mortgage. This product is exactly what they needed. They were able to pay off the balance of their mortgage with the reverse mortgage and still had money left to receive a check each month which helps with the health insurance payments. So instead of making monthly payments, they are now receiving them! It is so comforting to see them enjoy their home without the financial worries they once had.

A tragic illness made easier to bear...
My single Aunt Linda is 71, and very proud of her cottage-like home where she lives alone. Recently she was diagnosed with terminal colon cancer; she was given 6 months to one year to live. She desperately wanted to spend whatever time she had left in the comforts of the home she worked for and loved. Her social security and pension would not be enough to provide the round-the-clock care that she needed. A home equity loan didn’t make sense, since there would be monthly payments to make. As her power-of-attorney, I helped arrange a reverse mortgage for her with an optimistic 2 year term which provides her with all the money she needs each month to pay for her in-home health care. We are hoping that, by some miracle, she is still with us when the term of her reverse mortgage runs out because we learned that she could still live there, her home will not be taken away from her. Now she receives a large check each month which makes it possible for her to stay in the home she loves.

Call for more information or click here and answer a few general questions to have a qualified Reverse Mortgage Specialist call you with specific answers to your specific situation.