Reverse Mortgage Testimonials

The following are comments from my own clients after they did a Reverse Mortgage. Much of it is a year or more after they did their reverse mortgage. I sent a very short survey asking how they compared their feelings about the reverse mortgage a year later as compared to when we first funded the loan. Nearly all gave it a rating equal to or above their rating from the year before. In addition, I left a space for anything else they might want to say. That generated most of these comments. (References to Wells Fargo refer to my 20 years with them before they left the Reverse Mortgage business.)

But first I'd like you to be aware of a study conducted by Stephanie Moulton, Donald Haurin, Cazilia Loibl and J. Michael Collins of Ohio State University.

Study: Reverse Mortgage Borrowers Report High Satisfaction Levels
By Marty Bell for NRMLA and conducted by Stephanie Moulton, Donald Haurin, Cazilia Loibl and J. Michael Collins of Ohio State University.

Reverse mortgages can serve a variety of needs for the borrowers who use them. While some motivations to obtain these loans are more obvious than others, borrowers report high satisfaction overall when it comes to using a reverse mortgage to foster independence and improve well-being, according to the results of a recent survey.

The Study report can be a bit detailed but here are the highlights:

Key finding #1: Reverse mortgage borrowers are generally satisfied with the reverse mortgage

Key finding #2: Supplementing income and paying off mortgage debt are the top intended uses for reverse mortgage funds

Key finding #3: Most reverse mortgage borrowers are current on property taxes and rated the condition of their home as “good” or “very good”

Key finding #4: Reverse mortgage borrowers have average financial literacy, are risk averse with regard to finances, and most have a written will.

See the full article at https://www.nrmlaonline.org/2016/03/09/borrower-outcomes-generally-current-on-taxes-high-overall-well-being-and-satisfied-with-decision

Now, from my clients:

It really has helped make things easier for me than before I got (a reverse mortgage). – E.F. – Napa – Age 80

Getting the reverse mortgage for my Aunt made me realize I could stay in my own home when that time came for me – Thank you for all of your help. – K.C. – Calistoga - 52

If the cost of living keeps escalating, it may be necessary to increase my monthly reverse money income sometime soon. – D.A.- Sonoma - 83

It has helped me greatly by getting the $900/month and by being able to replace my roof. I did not have the money for a new roof. – H.M. – Napa - 82

It was really a good feeling to buy a year old Buick and pay cash! 2yr – I find the reverse mortgage very convenient – just pick up the phone and ask for the amount you need. I was able to pay cash for my car. I installed double pane windows. I now have air conditioning in my house. Without my Reverse Mortgage this would not have been possible. – G.R. – Napa - 90

So far I feel very comfortable with the knowledge that I have access to monies that I need to live a more enjoyable life. It was so nice to have done business with you. – S.S. – American Canyon - 72

I’m very pleased. Knowing I have money available gives me the peace-of-mind that if I have any more medical problems I have extra money to help me through. – K.Q. – Rohnert Park - 63

I feel more at ease about my financial situation and staying one step ahead of the bill collector! Its been a positive change for me! – E.D. – Sonoma - 82

I think reverse mortgages are wonderful – I have added a new room, replaced the tile in the kitchen, made major repairs on my car – took a cruise with my friends and, best of all, I feel secure knowing if any emergency comes up I will be prepared. Thanks for everything Tom – E.B. – Santa Rosa - 74

Getting a reverse mortgage did what I needed. Going through a divorce, it allowed me to complete a property settlement and clear other debts. The bottom line is I continue to own and live in my home. Without a reverse mortgage I would have been forced to sell and then move out of state. Now my financial condition is quite comfortable. Thanks so very much. – D.C. – Santa Rosa - 70

We have been able to make all repairs to the house which it was in need of. New deck, new roof and painted. Thanks Tom, we have enjoyed working with you. –S.D.. – Hidden Valley Lake – 80

I reached the point I could not pay several bills including property taxes of $2,300+. I would have had to take out a loan and then try to pay it back. A reverse mortgage has kept me from ending up on the street. Little by little I’m trying to fix up the place and bring it more up to date. Without a doubt, my reverse mortgage has allowed me (I’m in my 80’s) to live out a respectable life. Thank you, Tom, for all your help. – C.S.. – Rohnert Park - 84

I’m pleased to have the security of the reverse mortgage for unplanned and “some planned” expenses. You did a nice job, Tom. Thanks. – S.A. – Bodega Bay - 74

Tom did a very good job explaining the whole ins and outs of this loan. He answered all such questions in a very understanding way. Nothing left to ask. Very professional. J.A. – Middletown. - 64

It has helped me with home improvements and other needs. Thank you, Tom, for your great help in explaining. Super! – E.A. – Petaluma - 72

Venturing into unknown water is always a little frightening but I am happy with my own security now. You were very thorough. – R.M. – Vacaville - 89

Tom, sorry not to get right back to you, but its been a tough couple months. I just got (Mrs M.) out of the hospital and am still taking care of her. She is doing better but not up to par yet. We have had to use the loan several times for emergencies and it made it a lot easier for us financially. New roof, new car (my Plymouth got old) and then termites -$1500 worth. Overall the loan has been great for us. Its nice not to have to worry about where the extra money is going to come from for emergencies. Anyway, we are not sorry for taking out this reverse mortgage. – D.M. – Santa Rosa - 75

Hi Tom – I can’t thank you enough for your hard work and perseverance in finalizing my reverse mortgage. My son (age 54) lives in Missouri and is under Hospice care for liver cancer. His sister has made 3 trips of 3 weeks each. My son-in-law and myself went back in late November for 2 weeks. Without the money from the reverse mortgage this would not have been possible. So again, I thank you. G.C. – Santa Rosa – 81

It was very easy to get our reverse mortgage and my wife and I are very happy with it. Thank you once again, Tom. M.E. – Bodega Bay - 73

We are relieved that we can fix up our home without worrying where the money is coming from. Thanks so much for making it an easy and pleasant process. D.G. – Napa – 80

I would recommend this to anyone who wants to keep their home and use the equity. You have been a great help. J.B. – Sebastopol – 66

Tom MacDonald was easy to understand and always called back to answer our questions promptly. Great to work with. M.R. – Napa – 67

Tom MacDonald was great in getting us started. The team as a whole worked well together and each seemed to know what the other was doing. Thanks for a job well done. D.L. – Ukiah – 88

Mr. MacDonald was very prompt in returning calls – was very informative – professional at all times. A nice caring man. P.H. – Guerneville – 64

We needed funds immediately to avoid the loss of a family member’s home. The downtown Napa branch approved a $10,000 personal line of credit loan immediately which we needed badly. Then your Reverse Mortgage Consultant, Tom MacDonald, did an amazing job at quickly getting our reverse mortgage loan approved for a lump sum deposit to our account. J.N. – Napa – 66

Our agent, Tom MacDonald, was business-like, clear, prompt and pleasant. I can’t think of anything that could be improved. W.A. – Santa Rosa – 70

We have used our reverse mortgage to put a new 50 year roof on the house and have installed hardwood flooring. Plus we have done more landscaping which, in the end, has increased the value of our home. Thank you for all your help. T.K. – Lakeport – 70

The process of getting one (a reverse mortgage) was excellent. It has given me access to money’s I would not have had. Thanks. M.B. – Napa – 69

I want to thank Wells Fargo for getting my Reverse Mortgage through so fast as I had a variable home loan on my house and the payments were going up the first of August. I’m a widow now, so thank you. J. D. – Cloverdale – 85

Excellent Solution! I’ve been recommending it to several friends. M. T. – Napa – 74

It helps me in so many ways – a car – new roof – new dishwasher. Am living a bit better. M. G. – McKinleyville – 73

The Reverse Mortgage is wonderful! We repaired so many things around our house that after 56 years, it looks good. New fencing, plumbing, electrical problems that are now safe. And safety bars that were installed in and outside the yard that makes it safer for us. And we shopped for a new car, and finally, I got to select one that I liked. A pretty blue La Crosse Buick, and I love it. So thank you for being so helpful and nice to us. E. C – Napa – 83

Thank you for all your past help, Tom! I passed on one our your cards to a friend who has a friend in Vallejo that really needs help. Thanks again. I.M. – Napa – 83

The Reverse Mortgage has been a great relief financially. I still, at times, find it too good to be true. R.W. – Santa Rosa – 83

Very good process and explained well. E.K. – Lucerne – 70

It was made very easy. You were patient with us and answered our questions and gave us good advice. A. S. – Lucerne – 86

One of the best moves we ever made in connection with our retirement! We have great peach of mind. C.W – Willits – 87

It is nice to know ‘if’ something happens, we have the money to go to help. Thank you, Tom, for your help and explaining of the whole process. “Thank You” R.W. – Napa – 65

You made the process simple and easy to understand. You did a great job. G.C. – Santa Rosa – 76

I really appreciate being able to call Tom when I have questions even though I did my loan about two years ago. My recent call was about letters from other mortgage companies wanting to lower my payments. I don’t have any payments but it confused me. I’m not sure the 800 number would know how to answer this question. Turns out it is just junk mail. They don’t know I have a Reverse mortgage. D.Y. – Santa Rosa - 73

I’m very happy that both you and Robert Williams first contacted me about my reverse mortgage and arranged to have this done through Wells Fargo. I don’t believe any other institution could have done a better job. There have been many other companies that have tried to have this done through them – but in no way would I ever want to change my mortgage company! P. J. – Petaluma – 72

I am very happy with my decision to take the ‘reverse mortgage.’ With my first deposit, I felt a bit of relief that I did not have to worry as much about some of my expenses. Also, I can do a bit more traveling, without worrying about spending money for it. C.S – Santa Rosa – 63

I’m very pleased with my Reverse Mortgage. Now I have extra money to do as I want. I can afford to now upgrade the property which I already did by putting in new trees, painting the house and I’m now going to have a contractor install a new fence. My property upkeep brings praise from my neighbors and friends. So, thank you again, Mr. MacDonald, for all your kind assistance. And I would appreciate you thanking Mr. Robert Williams of Petaluma’s Wells Fargo Bank for introducing you to me. P. J. – Petaluma – 72

Thanks Tom, for all your help along the way. I’m very satisfied now. P.J.– Petaluma – 79

It has made it possible for me to live in my home comfortably as I could not pay the increase in my house payments. Thank you, Tom. J.D. – Cloverdale – 86

Tom MacDonald was very pleasant, very thorough; he took his time and explained everything. He also went the extra mile to help solve by Date of Birth issue. I would recommend him 10 times out of 10. M. D. – Petaluma – 76

We are very happy with our Reverse Mortgage. It serves our purposes very well. We have been recommending and explaining the whole process to many people since. M. T. – Napa – 75

Our reverse mortgage has been a good thing for us. We have more money each month and are able to afford extras that we could not before. We were able also to put new floors in through out the house. We would not have been able to do that before. We have done a lot of updating, such as crown molding and baseboards throughout also. Thank you for making this possible. We also have very little debt now. H. A. – Grass Valley – 68

Unlike my husband, I was reluctant to get a Reverse Mortgage. Turns out it was a great idea. With no house payments, we had the money for numerous house projects. We had a beautiful all season patio roof put on, etc. We recently accessed the credit line for the first time to purchase a new car. We intend to make payments. This has brought us great peace of mind. Thank you so very much. L. R. – Napa – 68

Both Catharine and I are very pleased with the reverse mortgage that you arranged for us. It literally changed or lives. We had been pondering the future for some time, living on a barely adequate income, made up largely of our Social Security, some interest from a few investments and a small rental. The future did not look very rosy because the Consumer Price Index kept rising relentlessly while our income was not keeping pace.

Over the years we had expanded our home and improved the surrounding property. Home sites such as ours had become scarce as the town grew. We were within five minutes of town, yet our two closest neighbors were each over one hundred yards away and scarcely visible. We had a beautiful view of six thousand foot mountains and the valley below. We owned our home free and clear and obviously had considerable equity in it, but did not wish to sell in order to “cash in”. Enter the reverse mortgage. You tailored it so that we would have ample living expenses and the interest on the unused portion would continue to add to our home’s value. We are eternally grateful to you and Wells Fargo for making our “golden years” much brighter! G.W. – Willits – 87 P.S. We recommended this program to a relative in Idaho. They got a (reverse) mortgage and are also very pleased.

It has turned our life around. We paid our bills. We don’t worry about money. We pay our bills now as they come in. We thank you very much. D. B – Santa Rosa – 81

So far this year all has been well. Last year I traveled to Beijing, China and then to my grandson’s wedding in Patignamo, Italy. It was a great year. R.M. – Vacaville – 92

When asked by people about reverse mortgages, we say that Tom MacDonald was totally professional and made the process easy to understand. J.G. – Napa – 73

Having a Reverse Mortgage allows me to do the things I want to do in retirement and know how I will pay for them. Thanks, Tom. R. S. – Napa – 72

Mr. MacDonald, you made the process very easy and pleasant. We were able to get my husband the Corvette he dreamed about and he got to drive it for a year. Now that he is gone, it seems apparent I will need to tap the account just to survive. Thanks so much. N.G. – Bodega Bay – 69

I first contacted Tom MacDonald of your Napa office about 10 years ago. Over the past decade, as my personal finances changed, he has been a patient and trusted advisor. I cannot believe that Wells Fargo has any consultant more capable than Tom. F.B. – St. Helena – 82

We are very pleased with our decision of having opted for a Reverse Mortgage because it has allowed us to manage better our money. Furthermore, it has given us peace of mind and a sense of security about being able to handle unexpected expenses without depleting our savings. Most of all, we are very grateful for the services provided to us by Tom MacDonald. He made it so easy for us to comply with all the requirements and complexities of this transaction. T&G. D – Napa – 78

The Reverse Mortgage really helped me out of a very difficult spot. However, I receive $200 per month which continues to help me live comfortable. J.B. – Petaluma – 75

Hi Tom – Thanks to you I am enjoying my reverse mortgage. Because of it, I’ve been able to continue my Senior Advantage at Kaiser and am now recovering from knee replacement surgery! P.F. – Sonoma – 86

Thank you for all your information! I had an operation and now radiation for a few weeks and I’m coming along fine now! I’ll call you if I need any information. I.M. – Napa -85

Tom MacDonald was truly the best Mortgage Officer you can have as an Applicant/Client. He explained everything, easy to understand. Always returned my phone calls very promptly (same day). Showed patience, understanding and handled the application with speed and 100% professionalism. Thank you Tom, great job! Without the Reverse Mortgage, we would be having a very difficult time. G.C. – Santa Rosa – 76

Mr. Tom MacDonald, the Reverse Mortgage Consultant from Wells Fargo, was the only person we dealt with from start to finish. And he was so nice to us. E.C. – Napa - 82

Tom MacDonald was great in getting us started. The team as a whole worked well together and each seemed to know what the other was doing. Thanks for a job well done. I.L. – Ukiah - 84

The reverse mortgage process went very smoothly and Tom MacDonald was an excellent consultant who explained the process thoroughly and in clear terminology. T.A. – Napa - 62

Tom MacDonald is to be praised to the highest for his caring and making certain his clients receive the best service possible. I am very pleased with his performance representing Wells Fargo. I have passed his card onto others that are interested. M.H.–Santa Rosa - 75

We are very pleased with our “Reverse Mortgage.” We are very pleased with working with Tom MacDonald. - D.W. – Sonoma - 75

I went thru reverse mortgage so the 2^nd time I knew what to expect. Tom MacDonald is an asset. - M.G. – McKinleyville - 72

I would recommend a Reverse Mortgage to all senior citizens, especially Wells Fargo and Tom MacDonald -D.G. –Sonoma - 72

Its really hard to believe it’s been almost two years since I received my RM. You can’t believe what I have been able to do – a sun room off of my bedroom – a new kitchen floor – and when the engine of my van died at Christmas, I didn’t have to worry. A year ago Thanksgiving 6 of my friends and I (the Merry Widows) took a 2 week cruise to Hawaii, it was wonderful. This year three of us went through the Panama Canal, what a trip and this summer I am able to take my seven year old grand daughter to Disneyland. You made everything so easy for me and I can’t thank you enough. - E.B. – Santa Rosa - 75.

We are pleased. The money, thus far, was used for new furnishings. We are taking a cruise in October. I.B. – Sonoma – 85

We would highly recommend Tom MacDonald to anyone considering a reverse mortgage. He was very informative and patiently answered all our questions. He is also a very friendly and nice person to do business with. L.R. – Napa – 67

Your Reverse Mortgage Consultant, tom MacDonald, was outstanding in the level of service he provided. He was also attentive in discovering an error on the documents I originally signed. M.E. – Guerneville - 66

Having your consultant, the title company rep, etc. come to our home made the process very easy for us. Thank you for that! Tom MacDonald, our consultant, is a gem, and we felt completely comfortable about calling him with our questions, and felt complete trust in him. When I called your toll free number, I was pleased and relieved when I was put through right away to a real person who answered my questions clearly and with good cheer. W.M. – Napa – 71

Tom MacDonald made the whole process (from ‘A’ to ‘Z’) painless and easy; the entire process from the time we were first introduced to him to the final closing was made easy and occurred in a timely fashion. We will be happy to recommend him to anyone planning a reverse mortgage. J.G. – Napa – 73

Tom MacDonald is very helpful, knowledgeable and prompt. He made the loan process relatively painless. K.L. – Napa – 76

Tom MacDonald was well informed and had all documents ready when we met. J.B. – Santa Rosa - 75

Mr. Tom MacDonald couldn’t have been any more helpful, courteous, patient and kind. Thanks for having such a representative for your company. I had just lost my husband and he helped me very much. M.S. – Napa – 84

Everyone I dealt with was friendly and professional. It was an easy process. Thank you. C.S. – Santa Rosa - 62

Starting year three on our Wells Fargo Reverse Mortgage, we want to thank you for getting us into your life-saving program. It has given us a financial security and freedom we never thought possible. We spread the good word about your helpfulness every chance we get. N.W. – Ukiah – 82

This note is to thank you for all your help during and since my reverse mortgage almost two years ago. I am most grateful for your honest input on the many occasions when I phoned you seeking advice. M.P. – Napa – 74

Tom, I appreciate how much you have kept in contact with me and my Reverse Mortgage. If it were not for you, I would probably be in a panic. You guided me through the steps, now I feel more secure. I am happy I have the Reverse Mortgage. Without it I do not know where I would be since our economy has changed. I have never owed anyone, or hope I never will. But, as I have grown older I think a lot and am happy my Reverse Mortgage was for ‘life’. In Oct ’09 I was 94. That is beyond what I ever imagined. Thank you for everything. I hope you and yours will have a wonderful holiday season. You are a very special caring person. Thanks for everything. R.M. – Fairfield – 94

Since getting the Reverse Mortgage, our property appreciation has outpaced the balance increase. Low interest rates have contributed also. So far - so good. Thanks for your help and good service. J.C. - San Clemente - 73

The process was fairly easy. I have been able to catch up on bills and improve my home. Thank you Tom. S.V. - Napa - 66

What I really liked was not getting a 'lump sum' deposit. It makes one think about what is essential for improvement as opposed to what would be 'frivolous. N.A. - Nice - 86

Tom, you were very truthful and complete in your explanation and I felt comfortable with you handling the Reverse. It was the only choice left to me because I was living on Social Security only and couldn't do anything plus, no cushion. P.A. - Rohnert Park - 75

I wanted to say that the reverse mortgage has been a god send to me. I have fixed up the house inside and out. I got to fix things I could never get to. I could never have done it without the reverse mortgage. Best think that ever happened to me. S.V. - Napa - 67

Working with you, Tom, has made things very easy. You are always there to answer any of my questions. - L.B. - Cottonwood - 77

I didn’t realize how having the Reverse Mortgage would take so much of the pressures I had off of me. I am so glad I made the decision and appreciate the help and patience you had helping me through it. Thank you. - B.W. - Napa - 66

I listed my home for sale last year because the mortgage payments were getting to be difficult to pay. It listed much higher than the current appraisal and would not sell. I learned of the reverse mortgage and realized this was a good solution and allowed me to stay in my home. Sincerely, - A. G. - Napa - 73

Thank you so much for all your hard work. I do appreciate all the time you spent making everything so clear and understandable. Jim (son) said to express his thanks as well. You do your job very well.

I went shopping at Carter’s Baby Shoppe with a rebate check. I bought lots of clothes for my 8 month old Great Granddaughter. It felt so good to be able to do that as her Daddy was deployed just recently. Thanks Tom for making it possible. G.C. - Vacaville – 89

Reverse mortgages have been an opportunity late in life to own a secure, functional, comfortable home when I otherwise would have to be renting at the end of a lifetime of having been able to own my own home. I'm very grateful for that opportunity. My greatest problem is the cash outflow to pay property taxes. Concurrently with my purchase of my home, the state ended its fine program which allowed elderly home owners to postpone payment of property taxes until the home was sold. N.S. – Santa Rosa – 84

This reverse mortgage is the best thing that has happened to me. I was able to fix my house up a bit and if not for this I would have lost my house. This is a great program. S. V. – Napa – 68

It enabled me to pay off credit cards and still have a growing line of credit for emergencies. Thanks Tom. L.W. – Kelseyville – 63

It has been a real blessing for us. We are able to fix the house as needed. We also have been able to travel. V.R. – Napa - 63

Everything was so easy because you made it so. I felt that you were so honest, I didn’t have a concern and I thank you. I’m fine. 90 in March and feeling great. G. C. – Vacaville – 89

Our home has been completely remodeled which we could not have afforded without the reverse mortgage. We thank you so very much for your help. L.M. – San Rafael – 76

I just finished remodeling my kitchen, so it looks pretty good for a 1956 home. – S. S. - American Canyon – 80

I’m totally happy with your service. I’d just like to tell you that I appreciate your follow ups and it makes me feel good that you care. I know you’ve done your best for me. Even though I called you about possibly refinancing my reverse mortgage, you showed me why that wasn’t a benefit to me. I really trust you. – Patricia Salas – San Rafael – 66.

Getting a Reverse Mortgage has changed my life. The way I live, I think I would be out on the street if I hadn’t got one. It took a while to convince me and I am glad I was convinced. I am not really worried about money as much as I was. It has enabled me to buy things that I would not have been able to. Helping me to fix up my bathrooms is a big deal. They were in need of repair. T. G. – Santa Rosa – 80

It’s hard to believe that it has been 9 years since I received the Reverse Mortgage. The last (almost) 6 years have brought such a tremendous change in so many people’s lives and I and my family have been no exception. It has been a devastating time of lost jobs, life savings, homes, etc. However, I thought that you might like to know that I was able, through the mortgage and my personal savings, to save 2 homes, a pickup truck (essential to branch out of course) and provide living expenses when it became really bad. At this time the family is recovering, though I find myself in somewhat different circumstances. Who would have thought! However, much good was accomplished. I do hope that things are going well with you. M. K. – Napa - 86