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Julie A.Colangelo

Why I got a Reverse Mortgage

Wednesday, April 17, 2013 - Article by: Julie A.Colangelo - Elite One Mortgage - Message

Why I got a Reverse Mortgage (Home Equity Conversion Mortgage)

"I have a few observations on this topic, based on my 13+ years as a HECM originator, and the fact that I am myself a HECM borrower who does make payments on his HECM, and thus receives notice of interest and MIP paid. For the life of me I cannot understand why anyone would want to refinance with a forward mortgage, condemning themselves to a life sentence of mortgage payments, if they are eligible for a HECM on which they can derive unique benefits from now-optional repayment while they live in the home. But you never see a financial advice columnist discuss that option."
Jim D.

"We are 71 & 74 and have worked all our lives, and now want to travel, and have emergency money. Our children are grown and financially secure. They don't need or want our money. We used the Reverse Mortgage to payoff our existing mortgage which had a $1,200 mortgage payment. We now have an extra $1,200 per month in our pocket! The cost of the Reverse Mortgage was worth it to us, as we will always have a home to live in the neighborhood that we love." Fred and Doris M.

"We decided to get a Reverse Mortgage because we own 2 other properties free and clear, and needed money to maintain them. We don't plan on moving as our family lives nearby. We consulted our financial planner about taking a loan from our retirement. The interest rate to borrower our own money was 8%. He suggested a Reverse Mortgage. We took an initial cash advance and have a credit line in place for future expenses. Julie went over every option with us thoroughly, and offered to have our children present during our meetings. It was a very smooth transaction, and we are confident that we made the right choice. " Cathy and John R.

"I am 69 years old, and a working R.N. I fell behind in my mortgage payment due to an injury, and the bank filed foreclosure. Even with the mortgage I still had $300K in equity that I would lose if my home went to auction and sold for less than the value. Julie jumped in immediately to stop the foreclosure until she had time to process my Reverse Mortgage. I am happy to say that I am still in my home!" Elizabeth V.

"I worked for the union for 50 years. I bought my home and paid it off. My thought was I would always have a place to live in without owing anybody. I paid $76K for my house, and it took me 30 years to payoff my mortgage. From my calculations I paid $273K for my home with all the interest. Now, I want some of that money back. My daughter is ready to buy her first home, but doesn't have the downpayment. I am happy to help her. She doesn't need to repay me. If I didn't get a Reverse Mortgage, I would die and the money would eventually go to her anyway." George S.

"I am 65 yrs old, and unmarried. I lost my corporate job 6 years ago. After thousands of interviews and being unemployed for 4 years, I got a part time job at a department store. Always on my feet, a different schedule every week, and barely enough money to buy groceries. My home has been paid off for 13 yrs. I wanted to retire, so I did my research on Reverse Mortgage. I now have a line of credit that pays me $1600 per month, that coupled with my Social Security and savings, I can now live without stress and enjoy my golden years like we are all supposed to." Anita S.

With the proper research and circumstance a Reverse Mortgage my benefit you. For more details please contact me at or direct 562-618-1644 or visit my website:

Julie a. Colangelo
Mortgage Consultant with a Passion for Reverse Mortgage!
NMLS# 234887

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