From ‘Pinching Pennies’ to an Alaskan Cruise
Joel and Farrah felt stuck despite a paid-off home and scattered savings. After building a clear financial plan and adding a reverse mortgage line of credit, they gained security, flexibility, and freedom to travel.
Janet, a happy client of Kim Dodge, was talking over the fence to her neighbor, Farrah.
Janet had recently completed a Reverse Mortgage and was adamant that Farrah and her husband, Joel, look into it. For 20 years, they had been great neighbors, but Janet could see they were stuck.
Farrah was tired of ‘pinching pennies’ and felt like they were just sitting around the house. She had a deep fear that if they didn’t get out and see the world now, they never would. At the top of her list? A bucket-list cruise to Alaska, departing from Seattle just three hours away.
The Mystery of the "Quiet" Nest Egg
On paper, Farrah and Joel were doing fine. They had cash in multiple banks and their home was paid off. But they had a problem many retirees face: They didn’t have a plan that made them feel safe enough to actually spend it.
Because they weren’t sure how long their money would last, they simply didn't spend any of it.
Overcoming the "Debt" Hurdle
At 74, Joel was still working full-time. When they met with Kim Dodge, Joel was skeptical. "I don’t like debt," he said. "We worked hard to pay off this house. Why would we take a mortgage now?"
Kim’s response wasn't a sales pitch. Instead, she suggested that the Reverse Mortgage might not even be the right tool yet. What they truly needed first was a Financial Road Map. She recommended they sit down with a financial advisor to get a bird’s-eye view of their accounts.
Finding the Gaps
The advisor discovered their savings were scattered across six different banks, earning very little interest and losing value to inflation. By consolidating those funds into safer, higher-performing "buckets," the advisor built a plan that covered their monthly bills.
They finally felt secure. But Farrah had one more question: "What about the 'fun' money? And what about emergencies?"
The Sizzle Factor: The Reverse Mortgage Line of Credit
The advisor and Kim showed them how to make their $450,000 in home equity work for them. By setting up a Reverse Mortgage Line of Credit, they created a safety net that:
Requires no monthly mortgage payments (you only pay property taxes and insurance).
Stays out of sight until it’s needed for an emergency or a special trip.
Preserves their cash savings so they don't have to dip into their retirement accounts for "extras."
The Result: A Guilt-Free Retirement
Today, the "what-ifs" are gone. Joel can retire the moment he’s ready. Farrah is planning that Alaskan cruise, knowing she isn't compromising their future to do it.
They worked hard for their home, and now, their home is finally working for them.
What to Do Next
Is your money "sitting around," or is it working for your quality of life? Kim and Cheryl are happy to sit down with you and your financial planner to review your options with confidence.
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