The Cost of In-Home Care: Successfully Managing the Unexpected
Lisa had always been a planner, but life handed her health challenges that shortened her career. She knew she needed to budget for retirement healthcare—she just didn't expect to do it so soon.
The Story: A Researcher Seeking a Partner
Lisa spent her career working with databases and analysis. When her health changed, she applied those same analytical skills to her own future. She loved her townhome and her three adored pets, and she knew that as soon as she turned 62, a reverse mortgage could be the key to keeping them all together.
However, finding the right partner was difficult. Lisa spoke with several brokers who felt like they were just waiting for their turn to talk rather than listening to her specific needs. That changed when she was referred to Kim Dodge and Cheryl Teigen. For the first time, Lisa felt heard.
"Cheryl and Kim, thank you so much for helping me with this!! I can’t even tell you how much I appreciate you and all your help." — Lisa
The Financial Challenge: Making the Basics Work
Even though Lisa had explored every resource—food aid, community programs, and property tax deferral—she was still struggling to keep up with the basics. The monthly mortgage payment was simply taking too much of her limited income.
She needed a way to eliminate that monthly bill while creating a "cushion" for her healthcare needs and the care of her beloved pets.
The Solution: A Secure Housing Plan
After a careful review of her options with Kim and Cheryl, Lisa chose an adjustable-rate Home Equity Conversion Mortgage (HECM). This strategy allowed her to:
Eliminate Monthly Payments: She no longer has to make a monthly principal and interest payment, which immediately boosted her monthly cash flow.
Create a Growing Line of Credit: She now has a "bucket" of funds to draw from whenever healthcare costs or home maintenance items arise.
Catch Up on Essentials: With the new cash flow, she was finally able to get overdue dental care for herself and veterinary care for her three pets.
While Lisa remains responsible for her property taxes and homeowners insurance, she now has the peace of mind and the funds in her Line of Credit to ensure those are always covered.
What to Do Next
Whether you are 62 or 92, retirement financing challenges can feel overwhelming. Kim Dodge and Cheryl Teigen pride themselves on clear communication and a wealth of knowledge that helps you feel confident in your choices. If you have questions about how home equity can help you budget for the future, let's talk.
Contact Kim Dodge and Cheryl Teigen:
Telephone or Text: (503) 595-1600
Email: Hello@KimDodgeReverse.com
Licensed in Oregon & Washington, Kim Dodge, Branch Manager | NMLS 186099 | Cheryl Teigen, Loan Officer | NMLS 2089085 | Kim Dodge Reverse Mortgage, a dba of Zyng Mortgage, Inc. | NMLS 76801 | Equal Housing Opportunity | ConsumerAccess.org