A reverse mortgage can provide extra income when the death of a spouse leaves you financially strapped
By Tamara Sevigny
of Kiel Mortgage
Maria was in the midst of a crisis. Her husband passed away suddenly, leaving her with no life insurance. Maria’s income dramatically changed. The passing of her husband left her with just her Survivor’s benefit from Social Security. However, their home was paid in full. Her Pastor suggested she contact a local mortgage company to see if a reverse mortgage might be a useful answer to her financial questions.
A Reverse Mortgage Specialist provided Maria a line of credit to help supplement her immediate and future needs. The funds from the reverse mortgage allowed Maria to pay for all of the unexpected final expenses for her husband and allowed her to draw supplemental income to add to her Social Security benefits. Maria felt really relieved to have a solution in the midst of such a sad time in her life.
Laura Kiel, along with her husband Dan, co-founded Kiel Mortgage, Inc in 1996. Laura served as a Commissioner on the Washington State Mortgage Broker Commission from Jan 2004-Dec 2007. As a part of this Commission, she was crucial in developing new and sweeping consumer protection legislation and mortgage regulation. Her work was instrumental in re-writing the Mortgage Brokers Practices Act which enacted Loan Originator licensing for the state of Washington in 2007.
Laura Kiel will be on with Rajiv Nagaich this Saturday. Get answers to your reverse mortgage questions by calling 877-76-AGING (762-4464) or listen to the podcast after the show.