If anyone has a reason to be sentimental about their home, it’s 76-year-old Duane and 74-year-old Ruth Riley. Sitting on the banks of a beautiful and serene pond in Amery Wisconsin, their home was built completely from scratch for them by their carpenter son. From the baseboards to the rooftop, their home is the epitome of a labor of love.
So when they thought they may have to sell it and downgrade to a smaller home, it was no surprise that they could not find any home that lived up to what they already had.
“We’ve got a great location,” boasts Ruth. “We are in the country but are only a mile from town. We’ve got about 5 acres with the pond, and the deer, and the birds, and the wildlife. We’ve got cranes swimming in our pond. We really can’t replace what we already have.”
The more the Rileys thought about it, the more obvious it became that maybe selling the house was simply not the way to go. Luckily one day, Ruth caught a television commercial that spoke of a different option.
“A reverse mortgage. No one knows what that is over here in Wisconsin,” explained Ruth. “No one has any real knowledge and everything you hear is rumors.”
It turns out that Ruth and Duane had actually been interested in a reverse mortgage for a year before they decided to go for it, but attributed a lack of information as the main factor of hesitation.
“I actually was first interested about a year ago but I got cold feet because we had no idea how to get into it. We were skeptical because we knew nothing about reverse mortgages and no one around us knew anything either.” It took about a year before the Rileys called American Advisors Group, and this time they reached their Reverse Mortgage Professional Noah Bauman.
“Noah explained everything,” says Ruth. “He explained it really well, so we weren’t worried. Plus we had our boys there too so it helped for them to understand it as well.”
Ruth is referring to their two grown sons, both of who own homes of their own. “They were very supportive. My carpenter son, the one who built our home, even said that when he gets of age, he will be excited to take advantage of a reverse mortgage as well.”
Ruth and Duane Riley are excited to receive their first disbursement of funds from their reverse mortgage, and they already know exactly how they plan to spend it.
“I’m really excited to get some of these bills paid off. Number one thing is to pay off our existing mortgage on this house,” explains Ruth. “Then we pay off the car, and then we save for coming taxes because they are so high here in Wisconsin and they really hit us hard.” Ruth pauses, as her next plan can be little unexpected.
“Then the next thing we really want to do is set up paying for our future burial and get it all set up so our kids don’t have to worry about it. I know it sounds morbid, but we want it so the kids don’t have to do anything because everything is already lined up to go.”
After going through the reverse mortgage process, Ruth and Duane of all people know how important it is to be informed.
“The hardest part was deciding if a reverse mortgage was right for us. But once it became clear that it was, everything after that got easier. We needed to do a lot of asking questions and talking. But once we were sure we were doing the right thing, it was easy.”