Mario had been working full-time since he was twelve years old and never stopped until he retired from his role as a motion picture technician. After the loss of his first wife and mother of his 3 children at an early age, Mario was only focused on providing for his family. After several years he finally met Veronica, an elementary school teacher and now wife of 24 years. After they both retired, they started planning how they wanted to live out their golden years and agreed that it was all about traveling the world. They just needed to figure out how they were going to fund it.
No Better Time Than the Present
If you ask Mario, what is most important in life, he will tell you “time.” At 79 years young, he says, “I don’t have a lot of time left to waste. It is my time to enjoy all my hard work.”
Veronica points out, “I am a parent and a grandparent. I learned I wasn’t doing anything for myself. I was sitting waiting for my daughter to call to see if I was needed to help with her kids, I never really traveled until I met Mario.”
The House That Mario Built
They both love the home that Mario built with his own hands 50 years ago, and now it was almost fully paid for. As Mario and Veronica put it, “Every time we thought about selling the house, we would ask ourselves, where do we move to? We love this place.”Selling their house was not an option, but they couldn’t get the equity out without an income. They spent over a year and a half looking at a variety of financial options, but none were attractive to them.
It wasn’t until they learned about FAR’s jumbo reverse mortgage options that Mario started to understand this unique product as an answer to his needs. “When we first learned about a reverse mortgage, I only heard feedback about the negative things like you will lose your property.” says Mario, “Then time passes and priorities change, and my priority changed from not wanting to leave a big fat inheritance for my children, but to enjoy my golden years in the way that I really wanted to. And I said yes, this is the option—max cash out, no more bills, money in the bank, no more writing checks for equity.” And Mario’s parting words of wisdom, “If you’re like me, you work all your life and you want to go out with a bang, do it! It doesn’t change your life, but for the better!”
Finance of America Reverse LLC borrowers have been compensated for their participation. Statements are their own.
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.