Colin Coles
My name is Colin Coles. I live on the central coast, actually, in Pomo. Itâs a small community, but it has everything you want.
I got a divorce, and I was really quite set for my retirement. But after divorce, you know, thereâs a big bite out of what you had.
I was looking for property, but I knew I really couldnât afford to buy it just with a regular loan.
Why not use a reverse mortgage at my age because then I donât have to make the [monthly mortgage] payment?* And thatâs how I acquired the property.
*Borrower is responsible for property-related expenses such as taxes, insurance and upkeep.
I look at it now, and I call my reverse mortgage a âparachute.â That means youâre gonna have a soft landing. Why canât we have a soft landing at our age? Why are we worried?
I mean, Iâve been married, I had to refinance, I paid mortgages, Iâve done all this. Why not have some extra money to do what you wanna do? Not have that worry every month. Opening up the cash flow has really helped me a lot.
But thereâs a beauty in it because if you wanna pay, make a payment, you can. Itâs so flexible.
Youâve gotta take advantage of products or things that are there that can help you.
I mean, I donât see why everybody at my age doesnât get one of these!
