By Tamara Sevigny
of Kiel Mortgage
Eric and Christine are both retired, own their home free and clear and have excellent assets and savings. Even still, there was no lending source that they could find who would secure them a line of credit for a remodel. After hearing about a reverse mortgage they gave a Reverse Mortgage Specialist a call. All of their questions pertaining to this unique product were answered and they were able to secure the funds needed to remodel by tapping into the equity of their home.
A line of credit from a reverse mortgage does not require them to make any payment, and in addition, there was even money left over. Eric and Christine saw the extra funds as a lovely resource that they can draw upon for their entire lives. Reverse Mortgages are used for many different scenarios including a home remodel. If you long to update your home a reverse mortgage is definitely a tool that you should consider.
Laura Kiel, along with her husband Dan, co-founded Kiel Mortgage, Inc in 1996. Laura served as a Commissioner on the Washington State Mortgage Broker Commission from Jan 2004-Dec 2007. As a part of this Commission, she was crucial in developing new and sweeping consumer protection legislation and mortgage regulation. Her work was instrumental in re-writing the Mortgage Brokers Practices Act which enacted Loan Originator licensing for the state of Washington in 2007.
Laura Kiel will be on with Rajiv Nagaich this Saturday. Get answers to your reverse mortgage questions by calling 877-76-AGING (762-4464) or listen to the podcast after the show.