Recently, I had the pleasure of meeting a 61 year old female client. She was a widow of 4 years and she was living on her husband’s pension. Her home was free and clear and she had lived there since she was married at age 18. Her husband (11 years her senior) was diagnosed with terminal cancer and he had joked to his neighbours that he had a metal roof put on the house for his wife, implying that he was putting a roof over her head for as long as she needed.

Shortly after her husband passed away, she had an unexpected flood in the house to which she had to call contractors to fix. Through the process, she felt she was taken advantage of since the water damage was not extensive but the contractor insisted that her whole kitchen had to be redone and the floors throughout her home had to be replaced. In order to pay for this extensive renovation, she had to take out a secured line of credit. However, the renovation ended up costing more than the line of credit available to her, so she had to pay for the remainder using her cash savings.

I met this lady when her car insurance was about to be cancelled and she was getting inundated with calls about delinquent utility bills. As a result, her house was very cold. When I visited her home in March, she asked if I wanted her to turn on her heat. Among the many things in her home, I noticed a very nice table display with candles and a bottle of wine in a rod iron holder. I asked her what kind of wine it was and she said “it’s my favourite, but it’s filled with water. I haven’t purchased a bottle of wine in 2 years because I can’t afford it.”

Once her reverse mortgage was funded with HomEquity Bank, she was able to pay out her line of credit, pay a year’s worth of car insurance to reinstate her insurance and she even had tens of thousands of dollars left over as a savings buffer.

I felt connected with this client and her situation. Shortly after she funded with us, I visited her at her home and gifted her with her favourite bottle of wine. She was in tears and said she felt like she had a new lease on life. It was very moving to see the difference in her and her lifestyle. She was beaming with joy and she couldn’t stop saying how thankful she was.

I am happy to be able to say that I made a difference in someone’s life. If a reverse mortgage can help you lift your client out from under such circumstances, your job and your efforts are well worth it. These and many other stories inspire me to do what I do every day!

If you want to learn more about reverse mortgages, contact your Dominion Lending Centres mortgage professional.

Courtesy of Sharon Price, Home Equity Bank – Business Development Manager