By RHEA-FRANCES TETLEY
Staff writer
Cathy Fitzpatrick is hosting a short class on retirement mortgages at Leisure Shores on Thursday, Jan. 16 at 3:30 p.m. The one-hour class on mortgages will illustrate how this system can reverse the payment of mortgages and allows the senior to use the equity already created in their home for current monthly expenses by giving them a monthly income from the equity they have built up over the years.
“I have found that many seniors are unaware that they may be able to improve their retirement financial outlook,” said Fitzpatrick.
Fitzpatrick has been already been helping Crestline homeowners locally. She shares this story of how this retirement mortgage turned around the life of a local senior.
Her client was a 73-year-old man who had become financially stretched. His mortgage payment was equivalent to his Social Security payment, so he worked side jobs to meet his most basic food, gas and utilities bills, but his debts were piling up because of the cost of rising inflation. He could not afford to get some much-needed dental work nor to fix his 30-year-old truck. Not being able to enjoy the retirement he had worked so hard to achieve was causing him a lot of financial and emotional stress. This was not the future he had worked all his life to live.
After closing his retirement mortgage, he has no monthly mortgage payment to pay, for as long as he lives in his home. Then he was able to purchase a dependable truck and get his dental work done. “His quality of life is greatly improved,” added Fitzpatrick.
By using the equity already paid into a home’s mortgage, seniors can afford today’s expenses, as inflation has cut into their living expenses. This monthly payment from equity in their homes will help seniors live a lifestyle with less financial stress and more financial security that can supplement their income and gain themselves peace of mind. This fiscal class is for anyone who is a senior, but attendance is not limited to members of the Crest Forest Senior Citizens Club. Attendance at this class session is open to all.
To register for this mortgage class, call Fitzpatrick at (760) 473-0109 to RSVP for this class at Leisure Shores, located at 24658 San Moritz Drive at the east end of Lake Gregory. Get a parking pass at the office inside the building for this meeting. If you miss this class, call Fitzpatrick and she can make an appointment for her to share the information with you.
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