Paying medical expenses with a HECM refinance - Jan's story
As a widow and a retired school teacher I originally chose to get a Reverse Mortgage to pay off medical bills and to get in-home nursing help after having some health issues come up. I was struggling because I was in and out of hospitals. The medical bills were adding up.
I decided to sell my home and move into a retirement development. I heard I could use a reverse mortgage to purchase my new home, and this is is how I was able to buy my current home.
Needing in home health nursing is costly after coming home from the hospital. Since I am a long term kidney dialysis patient I asked my loan officer, Marc Williamson, to help me refinance my HECM-for-purchase Reverse Mortgage to get some additional cash out to cover some home improvement and pay for in home nursing help.
My reverse mortgage refinance helped me cover those costs by taking cash out without having to worry about a monthly mortgage payment. My equity is making the payments for me. I used the extra cash to purchase a new heating unit, TV, and cover in home nursing after coming home from the hospital.
I am very happy with my results. The relief of being able to use my equity to get cash out without worrying about sending in a monthly payment has allowed me to enjoy my retirement years.