Dorothy: Staying Home with the Right Financial Solution
Dorothy had lived in her home for most of her adult life. It was filled with memories—her late husband, family gatherings, and a lifetime of love. Now, at 84 years old, she was facing new challenges. Health issues had made it clear that she needed full-time care, but she was determined to remain in the home she cherished.
The Challenge: Affording Full-Time Care
Moving into a care home wasn’t an option Dorothy wanted to consider. She also didn’t want to rely on family for living arrangements. Instead, she found full-time care services, including a nurse and cleaning staff, to help her feel more independent. The problem was that her monthly retirement income wasn’t enough to cover the costs, and most of her savings had already been used.
The Solution: Unlocking Home Equity with a Reverse Mortgage
Dorothy owned her home outright, and with a property value of over $2.5 million, she had built significant equity. Instead of selling, she activated a reverse mortgage—a financial solution that provided her with the funds she needed while allowing her to stay in her home.
With a reverse mortgage, she didn’t have to worry about making monthly payments, and she had the security of knowing she could afford the care she required. Now, Dorothy enjoys the comfort of her own home, surrounded by familiar surroundings and a support system that allows her to live life on her terms.