You Cannot Reverse Age, But You Could Possibly Reverse a Mortgage

“Wine and cheese get better with age. How about people?

Some do.

Others get wiser.”

Marcelo at 95

A few weeks ago our telephone rang at 7:30am on a Sunday morning. The Caller ID showed the call was coming from New Jersey, so I knew that it was our dear friend Marcelo. He beat me to wish me a “Happy Father’s Day.”
Marcelo is turning 97 in August. His wife died some years ago, followed by his girlfriend. Now he has a new one (a younger woman, of course). When I asked how he is doing, he said without complaining, that his sight is not good anymore and he had fallen down, broken his nose, and needed stitches on his forehead.

But he added “I am alright now”.

“I do not hear well”, he continued, “and when I fell down my hearing aid broke. But I am getting a new one which works better”, he added. “I have difficulty bending down”, he said, “but a young woman comes over every day now to help me”.

And then he switched to politics. “Obama does not know what he is doing and World politics stink, but otherwise ‘Baruh Ha Shem’—Thank God everything is good”.
Marcelo has lived in many parts of the world and speaks seven languages. At the beginning of World War II, he lived in Paris. As a Jew from Lithuania, there was no way out (but through a concentration camp). One day, he was walking down the street and overheard a conversation between two men.

“You can go to the Argentinian embassy and tell the council that Victor sent you to get a Visa.”

Without hesitation, he did just that. A month later, he was on a ship to Buenos Aires. In spite of the many challenges in his life, he is always optimistic.
We came to celebrate his 95 birthday two years ago, and it was a great party.

Judy–Marcelo’s friend
A few months ago, Marcelo called and asked if we do reverse mortgages. We do. Reverse mortgages are loans, which can be given to persons starting at the age of 62. One does not need to have income or credit score to qualify. As long as there is sufficient equity in the property (preferably with no existing loans, or with a very small balance), borrowers can receive a substantial amount of money in the lump sum or in installments. I write about this program in more detail in my second and forthcoming book, “Mortgage Solutions for Smart People: 5 Easy Ways to Get Your Loan Approved”.

A woman I met on the street

The cost of getting it and the cost of mortgage insurance is deducted from the amount of the loan before distribution. The interest is quite low and accumulates during the life of the recipient. When a person dies, if there is equity left, it goes to the heirs.

This program is not for everyone and since real estate values have dropped, many cannot benefit from this opportunity. After I explained to Marcelo how the program works, he decided against it. He thought he will manage and besides he wanted to leave more to his grandchildren. There are talks that it is going to be more difficult to get those loans, but so far, as long as there is lendable equity, some borrowers enjoy the money milked from their home, without the need to repay it.

I met this man at the Farmer’s Market in Gualala.

P.S.

I like to photograph wise people. Not only because of their wisdom, which is not always obvious, but also because many of them show their character without inhibition and do not pretend to be what they are not.

P.P.S
On my trip to Cuba in February, I met a lot of wise women and men—and so can you. We are going there again in December for the Havana Jazz Festival. You may join us.

Do not keep me as a secret.

SMILE AND PLEASE SHARE IT WITH A FRIEND

Best Wishes,