Helping Family Now, and Later

Devotion to family led retired professor Craig Smith, 76, to buy his home in Long Beach, California, in 1997. The duplex allowed him and his ailing mother to share a home and still have their own spaces.

Though his mother passed away years ago, Craig’s commitment to his family remains an important motivation in his financial decisions. With a HomeSafe reverse mortgage from Finance of America Reverse, he can enjoy his retirement and lend a helping hand to his family.

A Duplex for All Seasons

Craig bought the duplex when he moved back to his native California from Washington, D.C., to take a professorship at California State University Long Beach. Recently widowed, his mother moved in with him so he could care for her, but it was a win-win situation. “I certainly enjoyed having my mother in the house with me,” he remembers. “She had a wonderful sense of humor.”

After his mother passed away, he continued enjoying his life in the home, making more upgrades and finishing his academic career. When it came time to retire, he knew he wasn’t going anywhere. The house fits his lifestyle just right, and he finds this corner of California an ideal place to live. “You just can’t beat it here,” he says.

Craig started thinking about a reverse mortgage a couple of years ago when some necessary home repairs taxed his budget. He realized that taking a reverse mortgage could help ease his financial concerns.

Getting a reverse mortgage went far more smoothly than he anticipated. In fact, it went smoother than his previous experiences buying and selling homes.

“I liked the way [Finance of America Reverse] answered questions. They were very credible,” he remembers. “Once I got a [loan] officer, she took care of me. She advised me very well on what was going to happen and when it was going to happen. It was really as smooth as silk.”

The Next Chapter

It is very important to Craig that he can continue taking care of his family, even after he’s gone. With the amount of equity he has in the home, he still expects to be able to leave an inheritance after the reverse mortgage is paid off. And, as a nice bonus, the reverse mortgage has enabled him to help his family now. “One of the nice things about a reverse mortgage is that you can see the good your money will do for people while you’re alive,” he says.

The reverse mortgage has also brought him peace of mind. “I don’t fret about spending. I don’t give a second thought to traveling,” he says. “If somebody in the family needs some help, it’s really nice to be able to send them a check and not worry about it.”