Reverse Mortgage Story: Achieving Retirement Goals

July 06, 2023
How a reverse mortgage helped a veterinarian retire early

Reverse mortgages can bring financial stability to seniors during their retirement years. Here’s a true story of one of our customers, who was able to greatly benefit from a reverse mortgage.

The Situation

Through the mutual connection of a seasoned financial advisor, one of our Waterstone Mortgage Reverse Mortgage Specialists was introduced to a veterinary doctor who was looking forward to retirement. The doctor’s original plan was to retire at age 70; however, he ultimately decided that he wanted to retire earlier.

After looking at the doctor’s financial situation, the financial advisor counseled that the doctor would need to significantly change his retirement lifestyle and spending habits, if he wanted to retire earlier than he had originally planned.

The Solution

Wanting to consider all options, the doctor got in touch with our Reverse Mortgage Specialist and learned that he could exchange his conventional mortgage for a reverse mortgage; and, by continuing to make a monthly payment, he could build a significant line of credit over the next few years. Then, he could use that line of credit in the first few years of retirement, allowing his retirement investments to continue growing. As a result, he wouldn’t need to start withdrawing from his retirement accounts until age 70 — his original plan.

The doctor and his wife were excited that he could retire from full time veterinary work three years earlier than planned and embark on their new goals for the future. Now, he regularly refers others in similar situations to our RMS team at Waterstone Mortgage.

Is there someone in your life (ages 62+) who might benefit from a reverse mortgage? We offer complimentary consultations. Contact a trusted Reverse Mortgage Specialist at Waterstone Mortgage to get started.

It’s our goal to help senior citizens create a more financially stable and secure retirement.

Based on the location of the property, Waterstone Mortgage loan applications may be referred to another loan originator within the company. Property and borrower eligibility requirements apply. Loan becomes due and payable when the last remaining borrower (or eligible spouse) sells the property, permanently leaves the home or passes away. Taxes, insurance, and repairs are the responsibility of the borrower and must be maintained to avoid early repayment of the entire loan amount. Consult a tax advisor for questions about tax and government benefit implications.