Reverse Mortgage Jan-Feb 2021

Those We Help When we first built the home, we were all over the place. Once the kids went to college, that was it.” The home was also costing them a fortune—$600 per month in heating and utility expenses and $12,000 a year in property taxes. The couple eventually downsized and bought a condo. “It worked out well. We have a nice new condo that’s about 1,500 square feet, with two bedrooms, a kitchen, a dining room and a little office. It’s a nice amount of space, so that we’re not bumping into each other every day. It’s also easy to maintain. If we want to take a vacation, all we need to do is lock the door. We don’t have to worry about maintenance or mowing the lawn.” In early 2020, the Fredie’s contacted Downey about a reverse mortgage. The couple’s condo appraised for $480,000, which allowed them to pay off their mortgage and establish a standby line of credit for future uses. “The reverse mort- gage helped with our financial security,” says Julian. “We have the extra funds to take a vacation once the pandemic ends, or to help pay for our grandkids’ college.” In their spare time, Deanna is actively involved in civic affairs and Julian serves as a deacon in the Episcopal Church. “When I got out of college, I thought about going into the priesthood,” says Julian. Although he chose a different career path, when he retired, his friends con- vinced him to give it another shot. “I thought I was too old, but my bishop said if I went through the process, he would ordain me. It took five years of study and now I have been ordained for eight years,” says Julian. “The reverse mortgage helped with our financial security. We have the extra funds to take a vacation once the pandemic ends, or to help pay for our grandkids’ college.” — Julian Fredie REVERSE MORTGAGE / JANUARY-FEBRUARY 2021 33