“For me it was a life changing experience.”
At 75, Steven found freedom to step away from his law practice to focus on his art while also opening up time for his family.
A love of art has driven Steven to focus on what matters most to him and his wife.
After a successful career of practicing real estate and business law, Steven was beginning to feel a bit slighted that time was passing by so quickly, that he may not be able to do all the things he wanted to. At the age of 75, Steven had developed a new hobby in practicing art which was pulling at his heart while putting a new perspective on his priorities.
For over 50 years, both Steven and his wife have been art collectors and have raised two kids.As an art history major, his wife is also a photographer who has recently been invited by the Chinese government to exhibit her work. “I love being able to support my wife in her profession,” Steven explains, “but a couple of years ago I discovered my own passion for art,which takes a lot of time. My wife takes time, my law practice takes time, and my kids take time.”
“I feel that a huge burden has been lifted off my shoulders in terms of my financial responsibilities to my family. I no longer have to work full time to pay off my obligations.”
The process didn’t begin with a hunt for a reverse mortgage.
Steven began to look at what financial alternatives were available to free up his time from his law practice, as he was spending half of his working hours just to pay off his conventional mortgage. In the process he learned about the new jumbo reverse mortgages which piqued his interest.
As a lawyer, he went about his process of discovery with complete due diligence in looking at all options. He even hired an attorney to review all the documentation on his reverse mortgage paperwork, which allayed any concerns he had and went forward with his reverse mortgage with FAR. “The opportunity to take some of the equity out of my home without having to make repayment is significant to me.”
The positive emotional change has been something that Steven reminds himself of daily as he has been able to transfer the energy of making a living to doing other things that are more rewarding. He was able to purchase homes for both of his kids to give them more stability in their young careers, he is able to serve on two community boards in Santa Monica, and is spending time on his own art.
“I wake up in the morning and decide if I don’t want to work today, I don’t have to.”