Mom and Son, Reverse Mortgage Co-Borrowers
Roger moved home to care for his mom, Laura. Since he is over 62 himself, a reverse mortgage provided a way to fund her care while securing his own future in the family home.
The Story: A Life Well-Lived
It is a special moment when you look at a client’s driver’s license and see they are 98 years old. Laura had the deep character lines of nearly a century of history, but her eyes shone with an intensity that matched her words. She knew exactly what she wanted: to stay in her home as long as possible and to ensure her son, Roger, was taken care of, too.
Roger had moved back to the family home over ten years ago to become Laura's full-time caregiver. He even gave up a business in another city to be there for her. While he had his own Social Security income, Laura’s needs were becoming 24/7. They were exhausted and needed a way to fund extra help without losing the house.
The Financial Challenge: Avoiding the HELOC Trap
Their local bank suggested a traditional Home Equity Line of Credit (HELOC) to pay for in-home care. The banker called it "simple," but Roger knew better. A standard HELOC requires a monthly minimum payment—and their monthly cash flow was already stretched to the limit! They couldn't afford to add another bill to the stack.
Their Financial Advisor referred them to Kim Dodge and Cheryl Teigen because he knew that as long as both the parent and the adult child are at least 62 years old, they can be co-borrowers on an FHA Reverse Mortgage.
The Solution: Multi-Generational Protection
With the blessing of their estate attorney, Kim and Cheryl helped the family navigate the process. Because the home was in a Trust, they handled a minor amendment to ensure both Mother Laura and Son Roger were beneficiaries.
By choosing a Reverse Mortgage, they unlocked several key protections:
Funds for Care: They accessed a portion of the home equity as a Line of Credit to pay for professional 24/7 care.
Dual Protection: Because Roger was a co-borrower, he was fully protected. If Laura passed away or moved into a care facility, Roger would still have the right to live in the home without being required to make a monthly mortgage payment.
Preserving the Relationship: The funds allowed Roger to go back to being a supportive son instead of a worn-out, 24/7 caregiver.
The Results: Peace of Mind for Two Generations
Laura spent her final weeks in a comfortable care home nearby, with the costs covered by the reverse mortgage. She passed away just shy of her 100th birthday, knowing her son was secure.
Today, Roger still lives in the home. He isn't required to make a monthly mortgage payment, and he still has an available Line of Credit for his own future needs. He remains responsible for property taxes, insurance, and home maintenance, but his housing is secure for life.
What to Do Next
Growing older can get complicated, and we all want to protect our families. If you have a unique family dynamic or a challenge with home financing, give Kim Dodge and Cheryl Teigen a call. We’ll help you see which options make the most sense for your situation—even if that means a reverse mortgage isn't the right fit.
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