Is a Monthy Mortgage Payment Draining Your Retirement?
Retirement no longer felt carefree for Connie at 66, leaving her unsure what to do as expenses tightened her budget. A reverse mortgage eliminated debt, improved cash flow, and helped protect the savings she’d worked hard to build.
The Story: Retirement Didn’t Feel Like a Vacation
Connie recently retired at age 66. With her Social Security and two small pensions, she thought she had enough to live comfortably. She even had a small IRA tucked away for backups.
However, life has a way of adding up. Between a new car payment and the rising cost of living, Connie found her budget stretched thin. She felt like she was "pinching pennies" instead of enjoying the retirement she had worked so hard to reach.
The Financial Challenge: Protecting the Nest Egg
When Connie asked her financial planner about taking extra withdrawals from her IRA, he grew concerned. He knew that taking too much too early could put the longevity of her savings at risk.
He suggested a different path: speaking with Kim Dodge and Cheryl Teigen to see if her home equity could solve the problem. Connie loved her home; it was perfect for aging in place, and she had wonderful neighbors nearby. She was exactly where she wanted to stay—she just needed her home to start taking care of her for a change.
The Financial Solution: Trading a Bill for Peace of Mind
With her home valued at $530,000, Connie worked with Kim and Cheryl to set up a Reverse Mortgage. The results were life-changing:
Eliminated Debt: She paid off her existing $210,000 mortgage.
Fresh Start: She received $29,000 at closing to wipe out her high-interest credit cards and car loan.
Improved Cash-Flow: By eliminating her $1,185 monthly principal and interest payment, Connie suddenly had extra breathing room every single month.
As long as Connie maintains the home and stays current on her property taxes and homeowners insurance, she is secure in her home for life—without the burden of a monthly mortgage payment.
What to Do Next?
Kim and Cheryl have helped many homeowners evaluate how a reverse mortgage can stabilize their retirement income. Don't let a monthly mortgage payment dictate your quality of life. Start a simple conversation with us today to understand your options.
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