A heartwarming segment featuring AAG Borrower, Alice Smith of Haddonfield, New Jersey tells the story of how a reverse mortgage loan helped one senior avoid foreclosure and age in place with peace of mind.
AAG loan officer, Lorraine Faas, helped Smith obtain the reverse mortgage loan to help continue to pay property taxes. Prior to obtaining the reverse mortgage loan, Smith, who was disabled at a young age due to complications from Polio, was barely scraping by with her late father’s modest pension and her permanent disability income. Following her parent’s passing, Smith inherited her childhood home with hopes that she would be able to continue to live in the home until she passed.
Faced with rising property taxes, Smith was no longer able to afford the expensive cost of staying in the home. That’s when the community stepped in and raised funds to get her back-taxes paid, and her home repairs handled so she could obtain the reverse mortgage loan on her property. The reverse mortgage loan was specifically set up to pay for her annual property taxes moving forward, limiting the risk of foreclosure in the future.
Watch the full segment on Fox 29 here: