I guess I should start off by apologizing to you for all the ads you now see in Wakulla County publications about reverse mortgages and who to call if you want to get one or find out more. Yes, its my fault. Sorry.
I used to tell folks that someday you would see T.V. commercials about reverse mortgages and you would see many people start to use them, much like other mortgages, for all the same reasons and purposes… buying, selling, refinancing, rehabilitation, investment property, rental property etc.
And I guess I was right.
You see, I brought reverse mortgages to North Florida in 2002 after living in Atlanta, GA for the previous 10 years, where the largest reverse mortgage company in the Nation has their big office. “FINANCIAL FREEDOM” -great name, huh ? I returned to Wakulla, bought some land, and rented a home to live in. I opened an office next to what is now “The Kast Net” and the building where “Wakulla Pregnancy Center” is now located. I started offering reverse mortgages, insurance, financial planning, investments and real estate to Wakulla. Another Crawfordville business was born.
After many trips to Panama City to train with a group of finance and insurance executives on why and how to do a reverse mortgage, and visits from our Atlanta friends from Financial Freedom and their offices in Atlanta and Orlando - I assisted an older woman and originated the first reverse mortgage In Wakulla County. And many many since then. From Pensacola, to Old Town, to Chiefland, to Gainesville, to Tampa, to Sebastian, Tallahassee, and Port St. Joe and Lanark and beyond. I have traveled all over North Florida helping seniors, because I can’t say no to the greatest generation, and their financial needs in retirement; folks like my aunts, uncles and grandparents. Its been very satisfying to assist retirees and seniors, using reverse mortgages, to provide income, cut down on bills (especially the mortgage bill), fix up the home or buy a new one. And I will tell you more about that in a minute.
So, back to the ads and commercials, and there are going to be more of them. Sorry. I know all these folks. The local and the far away. I work in the mortgage, finance and insurance Industry. I see them at conventions and meetings, They call my office, and I have their literature. If you ever see an ad or commercial, get something in the mail, or read something somewhere and have a question, feel free to give me a call and ask. Stop by my office or visit www.ReverseYourWayHome.com for more info. First and foremost, I want to help folks learn more. And by doing so, yes, you do create some competition.
I am going to share two short stories with you about how a reverse mortgage was the problem solver in a retiree or senior citizen's life, and both these stories happened in Wakulla. I have many of these stories in the last 6 years and over 100 reverse mortgage loans . So if you know someone over 62, who lives in a house, home, mobile home, condo, townhouse, etc., they are going to want to get some literature from my office and an estimate of equity, just so they are informed about what is available to them.
One of my new friends, Ms. C., just sold her home near FAMU that she has lived in for 30 years, and even though she didn’t make a ton of money selling it, we helped her buy a new home near her kids, right here in Wakulla. A Home that cost more than twice what we sold her place for. We used a reverse mortgage (you can use them to buy a home) and some of the money left over from the sale of her home. She now has a new home and no payments. Really ! I am going to ask her and her family to write about the process and how it changed their lives and maybe you will see their story sometime soon here in this section.
One of my other new friends, Mr. And Mrs. D., needed to stop making their mortgage payment (don’t we all). It was just too hard to make ends meet paying all these bills and living on a fixed income. Their home needed some work; a new roof, new flooring, wood rot repair, the stuff a home needs when you live in it awhile and don’t have a lot of extra cash to keep it as fixed up as you’d like. You know what I mean. Just the kind of home a person over 62 might have. You probably know someone like Ms. D. Well, believe it or not, we used a reverse mortgage to stop their mortgage payment and give them the money needed to make all the repairs. So now their income is better because the money that used to go to the bank is now being spent on groceries, insurance and taxes; not a mortgage payment. The house is now fixed up so it will last them through their retirement and they won’t have to worry.
I’ve told you about a few people who found a financial tool to help them with their retirement, and how a reverse mortgage worked to solve those individual financial issues those seniors had. By now you may have figured out the reason my office offers reverse mortgages, investments, real estate and financial planning is because all these things go hand in hand when you are in your 60’s and planning for your retirement. It would be my pleasure to assist anyone, by phone, mail, fax or email. I would be happy to mail information answering your questions, or if you are simply interested in learning more. Look for more articles and stories soon.
This article was written by Michael J. Weltman, MBA, CSA, CSFP, SRES – Broker/Owner of Financial Consulting Services Group. Weltman has a Masters Degree in Finance, Is a Certified Senior Advisor, Chartered Senior Financial Planner, and Seniors Real Estate Specialist. Licensed by the State of Florida to broker insurance, mortgages, investments and real estate. He is a State Licensed Real Estate Instructor and is currently serving on the Board of Directors for The Tallahassee Board of Realtors, as Wakulla Council Director. Contact info is
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877-477-7653 toll free 850-556-6694 cell 850-926-6994 office www.ReverseYourWayHome.com and www.YourPlan2Retire.com . Mr. Weltman is currently writing the course on reverse mortgages that will be taught to realtors members of the Tallahassee Board - TBR.
This article originally published on January 24, 2008.
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