Jessica’s Retirement Safety Net
Jessica had a solid plan for her retirement, but when a monthly payment jumped by $700 overnight, she realized her retirement safety net needed a major boost.
The Situation: Looking for a Local Partner
Jessica loves her home. It’s a perfect single-level house with plenty of room for family gatherings and space for her grandkids to play after school. While her pension and Social Security covered her basic needs, she was worried about the "what-ifs."
She originally started a reverse mortgage application with a different company, but the experience was frustrating. Her loan officer quit, and the person who replaced him was a "fast-talker" who made her feel rushed and uncomfortable. Thankfully, her credit union banker suggested she call Kim Dodge and Cheryl Teigen. It was an immediate relief for Jessica to work with a local team that took the time to answer every question—even if she needed to ask it more than once!
The Financial Challenge: The HELOC Trap
Jessica’s safety net was being strained by two things:
1. A Maxed-out HELOC: She had a Home Equity Line of Credit with a variable interest rate. Recent rate hikes caused her minimum payment to skyrocket from $250 to **$950 a month.**
2. Credit Card Debt: High-interest balances were eating away at her monthly cash flow.
Jessica knew she needed to make a change to protect her retirement, but she needed to understand exactly how the process worked before moving forward.
The Solution: A Reliable Backup Plan
Even though home values had shifted recently, Kim and Cheryl helped Jessica navigate the numbers. Using a Home Equity Conversion Mortgage (HECM), Jessica was able to:
Eliminate the HELOC: She paid off the line of credit, instantly removing that $950 monthly burden.
Wipe Out Credit Cards: She paid down her high-interest debt.
Create an Emergency Fund: She now has an available Line of Credit she can tap into if a crisis arises.
Because a reverse mortgage does not require a monthly principal and interest payment, Jessica’s monthly cash flow improved immediately. She remains responsible for her property taxes and homeowners insurance, but she now has the peace of mind that she can stay in her lovely home for as long as she chooses.
What to Do Next
Do you feel like your retirement safety net is strong enough to handle a financial surprise? Kim Dodge and Cheryl Teigen are here to provide the information and patience you deserve. Whether you are just starting to explore options or had a bad experience elsewhere, we invite you to start a comfortable conversation with us.
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