“I don’t know what we’d have done without it”

Richard and Myrtle B. have lived in their Salt Lake City home for 35 years. Richard says, “After 30 long years, we finally own it. It’s a great feeling.”
Three years ago, they needed some additional money. They wanted to put in a new lawn sprinkling system, put a new roof over their deck, and purchase a new car. But they didn’t want to take the necessary money out of any of their retirement plans for fear of hurting their retirement.

“We had heard a little about reverse mortgages over the years,” says Myrtle, “but we really didn’t know all the details or how to go about it in the best way.” Then they set up a free meeting with one of the counselors at FSI Mortgage (the “FSI” stands for “Financing Seniors’ Independence”) and found out that a government-guaranteed reverse mortgage was a great solution for them.“I don’t know what we’d have done without it,” says Myrtle. Richard agrees saying, “We got enough money to do all the things we needed to, plus we got a substantial amount to add to our retirement savings.” They haven’t decided yet how they’re going to spend the additional money, but they agree that it’s a good feeling to have that extra financial cushion available for their future.

“The best part,” said Richard, “is that there were no taxes on the money.” But according to Myrtle, the best part was that “we found a way to access our own money that was tied up in the house, but never have a house payment for as long as one of us lives here. And we intend to live here for the rest of our lives.”