Michael and Carol, both 73, live near
Kewadin, MI, on the shores of Torch Lake,
considered “the third most beautiful lake in the
world, according to National Geographic,”
The couple have been married 26 years. They have three children
apiece from prior marriages, resulting in 10 grandchildren and
“We enjoy the summers on the lake, especially when our kids
and grandkids come visit us,” he adds. “They really enjoy
swimming, even though the water is really cold.”
Michael spent just over 10 years in the Air Force as a military
police officer. He was stationed in New York, South Carolina,
Ohio, Montana and Turkey. After leaving the military, he spent
the next 17 years on the Michigan state police force, while Carol
served as a nursing home administrator.
After leaving the police force, Michael finished out his career as a
private detective. Both are now retired.
The couples' lakefront home was acquired in 1987 and used
primarily as a summer retreat. “We moved here permanently in
2000,” Michael adds.
The couple took out an adjustable-rate mortgage (ARM) to buy
the home. A few months before the interest rate was scheduled
to adjust upward, Michael figured out the new monthly mortgage
payment would increase dramatically to a level they could not
afford for long on their fixed income.
They heard about the reverse mortgage program from 1st
Financial Reverse Mortgages, based further south in Northville.
The couple obtained a reverse mortgage, which allowed them
to pay off the ARM. There was money left over to pay for small
remodeling jobs and property taxes, while the rest was set-aside
in a line of credit.
Most importantly, the reverse mortgage allowed Michael and Carol to continue living in their dream home. “We love this
place. We enjoy the changing of the seasons and like I said, we
have the third most beautiful lake in the world right outside
our front door.”
The reverse mortgage, he added, may not be the right option for
everyone, but “it certainly was the best thing for us.”