Sept/Oct 2021 Reverse Mortgage Magazine

REAL-TIME STATUS UPDATES REVERSE QUALIFIED SIGNING AGENTS ATTORNEY SIGNING EQUIPPED getnotaroo.com | (480)477-9627 | info@notaroo.com REVERSE MORTGAGE SIGNING EXPERTS Those We Help him to Mark Kelly, a reverse mortgage loan officer at Mutual of Omaha Mortgage, who lived nearby. Bill had gathered information on reverse mortgages on the internet and had identified several lenders. But “I ended up calling Mark, and he offered to come out to our place and meet with us,” says Bill. “He must have been here for about two hours. He didn’t try to sell us but explained how the program works and why in our particular situation it made sense. As we got to know him, we learned that he and Elaine both attended Mount Union University.” After meeting with Mark, the Batdorfs took the next step and met with an independent U.S. Department of Housing and Urban Development-approved housing coun- selor. They selected a counselor based in nearby Columbus who met with them for over an hour. The counselor pro- vided unbiased information about reverse mortgages, dis- cussed alternative options and answered their questions. “It was pretty convincing that a reverse mortgage was our best option,” Bill says. The Batdorfs closed on their reverse mortgage in 2017 and used the proceeds to pay for daily living expenses that enabled them to continue living in their lakefront home. Prior to getting a reverse mortgage, the Batdorfs were living off Social Security and stock investments. Mark suggested they consider learning about annuities, which are less susceptible to stock market fluctuations and could provide a steady income stream. The Batdorfs met with a retirement planner recommended by Mark. The planner analyzed the couple’s retirement assets and recommended the right annuity that could provide a large enough income stream to pay their property taxes. Between the reverse mortgage and the annuity, the Batdorf ’s financial situation has greatly improved. They refinanced their reverse mortgage in December 2020 to take advantage of historically low interest rates and increasing property values. This enabled them to access additional equity while saving money over time because their loan balance would grow at a slower rate. While he doesn’t talk openly about his finances with other family members or friends, Bill is adamant that he would recommend a reverse mortgage to anyone who was going through a similar situation. “If I had a neighbor who was going through a similar situation and was willing to talk about it, you bet I would recommend that they consider a reverse mortgage,” Bill says. Best of all, Bill says, they can continue enjoying the picturesque lake that they’ve lived along for the past 25 years. “We have been boaters through the years,” says Bill. “We still have a hurricane deck boat and always enjoy it when the kids and grandkids can come to visit.” REVERSE MORTGAGE / SEPTEMBER-OCTOBER 2021 33