Caregivers in Retirement: Finding Time and Support
Caregivers never truly "retire." When you spend your days looking after the people you love, having confidence in your finances isn't just a luxury—it's a necessity.
The Story: A Busy Life at a Crossroads
Chris is a man who wears many hats. His wife, Melissa, and their three adult children all live with disabilities. While the family receives disability income, it is limited. Chris has worked tirelessly to build security for them, managing multiple rental properties to keep the family afloat.
But at 70 years old, Chris realized he had to "shift gears." The constant maintenance on the rentals was becoming too much for one person, and he knew he couldn't keep up this pace forever. He needed a way to protect his family’s future without burning himself out in the process.
The Financial Challenge: Debt Without a "Monthly Bill"
Chris faced a specific hurdle: a private loan was coming due on one of his properties. While his primary residence was owned free and clear, he didn't want a traditional refinance. Why? Because a standard loan would simply replace one monthly debt payment with another, keeping the pressure on his monthly cash flow.
The Solution: Buying Back Time
Chris reached out to Kim Dodge and Cheryl Teigen to explore a more creative solution. By using a Home Equity Conversion Mortgage (HECM) on his primary residence, he was able to:
Wipe Out the Private Note: He used the reverse mortgage to pay off the $293,000 private loan balance.
Boost Monthly Cash Flow: This move saved the family $1,200 every single month.
Create a Growing Reserve: After paying off the loan, Chris still has an available Line of Credit of $191,000.
The best part? This Line of Credit actually grows over time (at a rate 0.5% higher than the mortgage interest rate). It’s a massive financial resource that doesn't require a monthly principal or interest payment.
For Chris, this wasn't just about the numbers. That $1,200 a month can now go toward in-home assistance, giving Chris the opportunity to rest and spend high-quality time with Melissa and his children.
What to Do Next
Every senior’s needs are different. Kim Dodge and Cheryl Teigen take the time to listen and find creative ways to make your home equity work for you. If you have questions about using your home as a retirement resource, let's start a conversation.
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