Reverse Mortgage Helps Those in Need

Griffin Reverse Mortgages are a source of financial relief that seniors should not overlook. When it comes to facing losing one’s home past the age of 62, it comes as a relief to seniors to find out that they may qualify for a Reverse Mortgage. Barbara Jarrett Hyche, a client in St. Louis, MO, lost her home business and all of her income when her father’s death and her mother’s illness forced her to retire prematurely in order to provide full-time care until the end of her mother’s life.

Part-time unemployment was impossible during and after the extended period of care giving, and her independent business closed without providing personal benefits such as extended leave, sick pay, and health insurance. Barbara had not had a chance to save money for this unexpected early retirement, or for the added medical and living expenses that accumulated during her mother’s illness.

After her mother passed away, limited insurance and ongoing household bills became an impossible burden to Barbara, with no income to supplement the payments. Barbara was glad to have inherited her parents’ home, with no mortgage payments attached to it, but without the resources to pay insurance and taxes she was in danger of losing it. Her own children had their own financial obligations to worry about and were unable to help her out with the payments. Suddenly, Barbara found herself in a bind and began to brainstorm ideas to stay afloat without losing the house.

Starting her business up from scratch for a second time, after such a long break and so soon after the loss of her mother, did not seem feasible at this point. Yet, the idea of accepting money from charitable resources also did not seem like the right fit for Barbara. She had formerly been a self-supporting entrepreneur and she knew that she could find a way to support herself. Before the illness, Barbara had been a real estate valuation consultant and an insurance risk management broker for over thirteen years.

She knew that property maintenance was key to retaining and increasing the value of a home, and was proud that her parents had so scrupulously cared for the landscaping and interior of the home. They had always kept up with repairs and took pride in the appearance of their property. They were well respected in their neighborhood and were remembered fondly after passing, so Barbara could not bear to see all their hard work fall into disrepair. She knew she needed to come up with a solution, fast. Eventually, a business associate suggested looking into a reverse mortgage as an answer to her financial woes.

It turned out that a Griffin Financial’s Reverse Mortgage.

Program was the perfect fit for Barbara’s situation. She built a home office using the new monthly income from the Reverse Mortgage, and financed a new start-up business. With over 20 years of experience in her field, she found herself at a better place than ever, networking with the National Association of Women Business Owners and helping other senior homeowners needing to enrich their retirement income. The Reverse Mortgage program and its associated counseling services were just what Barbara needed to get back on her feet. Before her circumstances took an unlucky turn she never would have guessed that this was the right path for her but Barbara was so inspired by the results of her Reverse Mortgage that she based her business around helping seniors out of financial jams.