Remember when we were kids and we used to proudly tell people, “I’m six going on seven!” Isn’t that funny when you think about it? We were so anxious to get older that we would just round up to the next year, even if our birthday wasn’t for another 7 months!
I thought of that when I got a call from a gentleman about 6 months ago. He had celebrated his 61st birthday in January, and he knew that he wanted to get a reverse mortgage, but just couldn’t wait until he was 62. He’s not in a desperate situation by any means. His home is paid off, he’s living comfortably in a wonderful neighborhood in the Willow Glen area of San Jose. But he is taking care of an ailing family member, and the extra cash would be a great help for them.
So, despite the fact that his 62nd birthday is still 2 and a half months away, we’re going to get the process started for him. Did you know that you don’t need to be 62 to fill out an application, get your counseling, appraisal and all the preliminary work done? It’s true. You’ll have to wait until that blessed birthday to get the loan funded, but why not get all that other stuff done now?
My new friend will have 62 candles on his cake, but he’ll also have about $300,000 available to him. Not a bad birthday present, huh?
