A Heartwarming 2013

  • January 5, 2014

As you have read in my weekly posts, the HECM (Home Equity Conversion Mortgage) program is rapidly evolving from a needs based application to a financial planning application.  The use of a growing, guaranteed line of credit for future needs is now recognized by Financial Planners, CPA’s, Elder Law Attorneys and other professionals as a terrific planning tool.  It protects against inflation and property value declines while building a safety net for the future.

Most of my clients fall into the category of using a HECM for planning.  It is very inexpensive to set up this “stand-by reverse” and the rewards are obvious.  I get a great deal of satisfaction knowing that those funds are guaranteed to be available to my clients whenever needed.  The line can never be reduced or eliminated or called no matter what happens to property values.  And the growth of the available tax free cash is phenomenal.

But what continues to tug most strongly at my heart are those clients who are able to dramatically improve their lives now with this wonderful tool.  Let me review just some of those that stand out for 2013:

  • Jim and Ruth can now maintain their beloved boat and enjoy it on the Chesapeake Bay
  • Nancy now can afford to join her church friends for lunch every Thursday after Bible Study
  • Kerry’s 88 year old Dad’s dream is now funded.  He is sailing the world with his son and grandson.  Last stop, Thailand!
  • Mary bought a handicap-friendly home for her nephew who suffered an amputation.  Her promise to his deceased mother, Mary’s sister, to care for him, continues to be fulfilled.
  • Everette and Lorine bought a motor home and now at 84 and 82 years old respectively they are enjoying their life-long dream of travel.
  • Savitri and Jagdat have turned their small Cape Cod in Arlington into a showcase home that will be a substantially higher inheritance for their children.
  • Linda no longer has a mortgage payment and can now enjoy her well-deserved retirement while keeping her home that has been in the family for generations.
  • Jessie finds no greater joy than helping her grandchildren.  She just bought one of them a nice, dependable car.  That’s helping a couple great grandchildren too!
  • Arlene and George have eliminated their mortgage payment and are now free of crippling credit card debt.
  • Floyd is now able to go to Florida and help his son move into the first home bought by anyone in the family in two generations.

Those scenarios are heartwarming examples of how the proper use of this government program can truly be a blessing.  I wish I had time and space to tell you about not just the impact of the program on these and other fantastic people that I have met and helped but about these people themselves.  They have taught me so much about how to concentrate on the things that matter.  They have also reaffirmed for me that people are good!

2013 has been a great year!  I hope it was for you as well.  2014 promises to be even better.

My very best wishes to you for a 2014 that is full of the things that matter.