The reverse mortgage
allowed John to get
rid of his monthly mortgage
payments, pay off some
medical bills and even
provided some cash to take
care of big purchases.
More than 100 miles from the major metropolitan
cities in the Northeast and even 45 minutes from
the Atlantic Ocean is quiet Windhaven, Maine. On
the edge of picturesque Spangle Lake, Windhaven
offers all the amenities of a popular water resort to
regional tourists, as well as a tranquil environment
in which local residents can raise a family and retire.
It was to this region that John and his wife moved
from suburban Connecticut 33 years ago. Maine offered them
quiet resort communities where they could start a family and
raise their son that was in stark contrast to the more-crowded
urban and suburban areas of Connecticut.
“It was a great place to raise our son,” John says. “There
was an excellent school system. And while I can't say you don't
have the crime and related problems of big cities, it is a lot
easier to stay away from those problems here than it is in the
Although Windhaven is 45 minutes from the ocean, the rural
atmosphere suited him ﬁne.
In fact, John's family liked the wooded areas so much that
they got even closer to nature nearly ﬁve years ago when they
moved from a single-family home in Portland to a condo in
Windhaven. The condo is 30 minutes from the nearest stores,
but makes up for the isolation with an environmentally
“You feel like you are in the woods here,” he says. “My wife and
I fell in love with the place the minute we saw it,” he says of his
three-bedroom, one-and-a-half-bath home that is 1,800 square
feet in size. Although it is a condo, it has a full basement with
the feel of a single-family home, he says.
When their son graduated from college last year and
found employment as a nutritionist, the family had hoped
to prepare to enjoy their retirement. John is an avid ﬂy ﬁsherman
and his wife loves to window shop in the nearby towns. And
they take pride in the success of their son. “He is an exceptional
person as a son,” John says. “My wife and I put our
hobbies on hold after he was born. The most fun we ever had
was when we were with our son.”
But times weren't always so favorable. His wife became disabled
15 years ago. And then the family had to go on disability from
his job as a regional advertising manager in the publishing
industry six years ago. Both are 62 years old.
Health concerns and the resulting health costs became a big issue
for the family. “I previously had a lung operation and am now
working with four different doctors on various health issues,”
It was the need to cover the medical costs that caused John and his family to look at a reverse mortgage.
“I didn't even know it existed before, but I was given the name of
Amy Caitlin with GIA Mortgage in Erie, Maine,” he says.
The family's greatest fear about taking out a reverse mortgage was
that his heirs would have nothing to inherit. “But Amy explained
how this worked and that my heirs have certain rights,” he says.
The reverse mortgage allowed John to get rid of his
monthly mortgage payments, pay off some medical bills and
even provided some cash to take care of big purchases. He was
able, for example, to help his son purchase an automobile that he
needed to get to work after he graduated from college.
“We love living here and this has helped us to get rid of our
monthly payments and live more comfortably knowing our
medical bills are paid,” says John.