By Durfee Bedsole
By way of introduction, I am 70 years of age and share a log home with my business partner/chef who is 64. We both divorced our husbands many years ago. We came to East Texas 13 years ago and opened a country French restaurant. We enjoyed tremendous success but decided to retire seven years ago. Our combined income is about $1700 a month from Social Security.
After paying homeowners insurance, car insurance, life insurance, Medicare supplements, utilities, gasoline, car maintenance, lake community dues, and normal expenses to survive, like food and clothes, there was never anything left over to play with. We had no savings account for emergencies, no travel money, no luxuries.
A couple years ago I was sitting on my back porch, admiring the view of the neighbor's pasture land with gorgeous quarter horses roaming at dusk. The sunset was spectacular. I was absolutely awed. What a lucky person I am. I started to count my blessings—my house and car are paid for, I'm debt free, I have my health, two grown children on the West Coast and two beautiful grandchildren, and close friends that are there for me. But I started wondering, is this all there is?
Suddenly it hit me while I sat here enjoying the sunset and gloating over my health and good fortune: my retired friends are traveling all over the world, going on cruises, getting manicures, pedicures, going to the big city for concerts, plays, ballgames, buying fancy clothes and jewelry, and eating out in fancy restaurants.
And here I sit living their lives vicariously. Maybe they handled their money more wisely than I did; maybe they have tremendous pensions; maybe they have annuities, stocks, bonds, you name it. Big Deal! We have none of that. But we do have a house that is paid for! I wasn't born yesterday. Isn't that called equity? And I am sitting on it while others are sitting on deck chairs in the Bahamas! Why not have my cake and eat it too?
Just about that time, I read about reverse mortgages in the local paper. “I want that,” I cried. But how do I get that? Most people, including bankers here, either never heard of them or didn't want to hear about them. For a year I talked to bankers, anyone who would listen to find out about these reverse mortgages. Finally, someone referred me to a website to read a column written by someone at the Dallas Morning News. He said try W.R. Starkey Mortgage and gave me the email address of Clive Hambrook, their Reverse Mortgage Manager. Bingo.
Well, it worked! Not without some diligence on all our parts, getting an appraisal, a survey, a termite inspection, a credit report, a title report, and filling out lots of paperwork. Was it worth it? You bet.
Now I know what you are thinking—what about the grandchildren? What about their inheritance? First of all, we still have plenty of equity left even after the mortgage. Both my kids are thrilled that at last I have some money to "play" with, and now I can visit them. I can send them presents and money for special things if they need it. They are completely supportive and always have been. Don't they want me to enjoy the fruits of my labors? Their inheritance is me, now, not after I am gone.
So what was the first thing we did with the money? I bought a computer, started putting collectibles on Ebay and have increased our measly income by about half—and have had so much fun doing it. Then we immediately signed up for a Mahjong Cruise on the biggest cruise ship out of Miami, Navigator of the Seas (Royal Caribbean). The ship is 15 stories high, two football fields long, and has an ice rink.
Then we went to California on a whim to attend a birthday party for an 80-year-old. Five days of nothing but fun. As I write this, I am getting ready to go back to California to attend the wedding of my great niece. Another week of fun. I'm thinking of taking my two grandchildren on an Elderhostel vacation on the coast of Oregon next year (2005). I could have attended my high school's 53rd reunion, but opted not to because of the other trips I'm taking this year. In two years, on my 55th reunion, they are planning a cruise. Now, that's more like it!
And, oh yes, I've had a few manicures, a pedicure, have tickets to go to my first Cal (UC Berkeley) football game in December since I graduated in 1955! We took some good friends out to dinner at a fancy restaurant this year, and we even treat ourselves to an occasional lunch or Starbucks coffee or a new book. I went to my first book signing and actually bought the book with author's autograph. We still have three CDs that mature in the next few years and a special savings account just for emergencies. We have tickets to community concerts and we are able to make a small contribution to the local art museum each year.
I almost forgot—we just bought the lot next to us to protect our peace and tranquility.
None of the above would have been possible without W.R. Starkey Mortgage and our reverse mortgage. Now our dreams can become a reality. I still sit out back and watch the horses at sunset, listen to the birds and crickets and cicadas, watch the herons as they swoop down on the pond. Is this all there is? Yes, and a whole lot more!