In 2008, our family realized that Mom and Dad were having trouble managing on their own.
We looked into in-home caregivers and were happy to learn that Kennebunk had a lot to offer, but we didn’t know how we would pay for it. Mom and Dad had no income other than social security, so we didn’t have a lot of options. We had heard mixed opinions about reverse mortgages, but we wanted to look into them. Fortunately I knew Sharron through Kennebunk High School volunteering, so I had someone I trusted to educate us on how reverse mortgages work.
After talking with Sharron, our family decided that a reverse mortgage would be ideal for our circumstances. It would allow Mom and Dad to bring in caregivers and to remain at home.
Interestingly, the mortgage company required that some repairs to the house be made as part of the loan approval. This turned out to be doubly beneficial: without the reverse mortgage money, they wouldn’t have been able to afford those repairs, but once the repairs were done, the house was more energy efficient, providing ongoing savings.
In 2015, Mom, who is 93, decided it was time to go to a nursing home. When we sold the house we were very pleased that after repaying our mortgage, we still had money remaining. All in all, we were totally satisfied with our reverse mortgage experience.