What happens when you take the time to write a letter?
In our continuing series, #MeetFar, we find out what happens when we hear directly from our customers about how they’ve been able to accomplish something because of us.
We’ve all been there. After a challenging or stressful day at the office, we take a sigh, close our eyes, and dream of that special place where work is in the past, there’s more time clock, and a long, enjoyable retirement stretches out on the horizon before us.
Many of us aspire to retire early, but few ever accomplish that goal.
The things we do in our professional life are often driven by the age in which we retire. Until we get there, our investments, savings, and other life choices dictate the reality of these goals.
🚀 Savvy Decisions Lead to Early Retirement
For Hassan and Dennie, retiring early was made possible by savvy decisions they made that put them in the position they dreamed about for their entire lives.
Oftentimes, we focus a lot on the things we do long before we reach retirement, but in many cases, the things we do when we actually reach retirement can help position us for the success we yearn for.
The strategic decisions Dennie and Hassan made once they got there helped solidify the retirement they wanted for themselves.
Hassan, as he says, is “72 years young” and his wife Dennie is 69. With tons of hard work and planning, they were both able to retire earlier than many other Baby Boomers their age.
📝 Doing Their Reverse Research
They did a lot of research to find a reputable Reverse Mortgage provider that could help them stay in their home as long as they both lived. Their loan gave them peace of mind and extra money to do the things they loved heading into retirement.
It helped that Dennie had a bit of a family connection that made getting a reverse possible.
As the trustee for his mother, Dennie started doing research into a reverse mortgage after seeing an ad for one on television quite a while ago.
“She was living on a fixed income,” Dennie remembers. “I was trying to figure out a way to make her money stretch further and for her to stay where she’s living. And so I did a little research once I heard about the reverse mortgage and I said, it sounds like a good idea.”
Dennie’s mother continued to live in that home for another 14 or 15 years, and the situation worked out fine for her and the family.
“She was able to stay in her home until she died, so that was perfect for us and that really was beneficial,” Hassan recalled.
🏡 A House of Their Own
Dennie and Hassan have been in their home for more than 20 years.
The origin story of how they found the house and the neighborhood remains a lovely reminder for the couple. They initially were enamored by the name of the street off the highway on the way heading to San Diego. A bit of discovery led them to a lovely city in Orange County that even had its own lake.
“So I said, let’s drive down and see what’s around it. So we drove around and saw the entry here. And, the rest is history.”
Their decision to get a reverse for their retirement actually came about because of their experience with Dennie’s mom.
“Well, after that we actually decided that’s [a reverse mortgage] was something we’d probably need for our retirement. Since it worked out so well for her, that would take a lot of financial burden off of us, which would allow us to do more traveling and do more of the things we wanted to do,” Dennie said.
At that point, the big conversation point for them was at what point to get the reverse. They ended up securing the reverse when Hassan was in her early 60s, a key age to become eligible for the reverse mortgage.
🧠 The Biggest Hurdle is Psychological
When asked how their lives have changed, both Dennie and Hassan say that the biggest hurdle was mental.
“It’s more of a psychological burden that has been lifted knowing that we don’t have that big outlay of the mortgage every month,” Dennie mentions.
That leaves more funds for big trips, local travel, and helping their kids.
“We’re fortunate we’re able to do it,” Hassan says. “I know a lot of friends that can’t help their kids, so that makes it really nice that we can periodically give them something extra, paying for something for them.
🛣 Everyone’s Path is Unique and Different
Dennie and Hassan’s story represents how unique the path to retirement can be. Sometimes there are challenges and tough decisions to be made. For Hassan and Dennie, a reverse was a savvy and productive tool that helped them reach their goals and live the life they truly desired.
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.
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