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.
Now, from my clients:
It really has helped make things easier for me
than before I got (a reverse mortgage). – E.F. –
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. –
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. –
Thanks Tom, for all your help along the way.
I’m very satisfied now.
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. –
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.
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. –
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. –
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
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 –
So far this year all has been well.
Last year I traveled to
When asked by people about reverse mortgages,
we say that Tom MacDonald was totally professional and made the
process easy to understand.
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.
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.
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.
I first contacted Tom MacDonald of your
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
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!
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.
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.
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.
We are very pleased with our “Reverse
I went thru reverse mortgage so the 2nd 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. –
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.
pleased. The money, thus
far, was used for new furnishings.
We are taking a cruise in October.
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
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. –
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
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.
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.
MacDonald is very helpful, knowledgeable and prompt.
He made the loan process relatively painless.
MacDonald was well informed and had all documents ready when we met.
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.
dealt with was friendly and professional.
It was an easy process.
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.
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.