Conflict at Age 78
At 78, Alison wanted confidence for future care and home repairs. A HECM eliminated her monthly payment, funded a new furnace, and created a growing line of credit for long term peace of mind.
The Story: Preparing for the "What-Ifs"
At 78, Alison is healthy, independent, and (as her daughter lovingly says) "a little ornery." But since her husband passed away, she hasn't felt fully confident in her retirement finances.
Alison had two main concerns:
The "What-Ifs": She wanted to prepare for future needs like in-home care if she ever needed assistance down the road.
The "Right Nows": Her furnace was failing, and her roof was getting older. With her current budget, a $10,000 furnace replacement felt out of reach.
The Financial Challenge: A Small Loan with a Big Impact
Even though Alison only owed $55,000 on her home, the monthly principal and interest payments were straining her cash flow. She wanted more "breathing room" to enjoy her retirement without worrying about every repair.
Her daughter had heard Kim Dodge and Cheryl Teigen speak at real estate events about using the FHA Reverse Mortgage as a financial strategy. When Alison called them, she felt an immediate sense of relief.
"Kim and Cheryl speak directly and answer all your questions. It’s been a great boost to my confidence." — Alison
The Solution: A Line of Credit That Grows
By choosing a Home Equity Conversion Mortgage (HECM), Alison was able to:
Eliminate Her Monthly Payment: She paid off the $55,000 balance, instantly freeing up cash every month.
Fix the Furnace: She accessed the funds needed to replace her furnace immediately.
Build a Growing Safety Net: Alison opted for the Line of Credit option. A unique feature of this plan is that the unused portion of the line actually grows over time. This means the longer she stays in her home without using the money, the more funds she has available for future needs or medical care.
Now, Alison and her daughter have true peace of mind. She can get quotes for her roof replacement without stress, knowing the equity she worked so hard to build is there to support her.
What to Do Next
Kim and Cheryl believe in clear communication. If a reverse mortgage isn’t the best option for your specific situation, they will be the first to tell you. We encourage you to invite your family members to the conversation so everyone can feel confident in the plan.
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