June 24, 2019

REVERSE EFFECT

Linda Lewis is a premier reverse mortgage specialist who has rescued many elderly couples and individuals from financial ruin, enabling them to live happy, secure lives, free of mortgage payments and financial woe.

By Rick Weinberg, Editor, California Business Journal
Rick@CalBizJournal.com / Mobile: 949-648-3815

Linda Lewis of ReverseWithLinda.com

Linda Lewis of ReverseWithLinda.com

WHEN SHADI SHAFFER’S GRANDMOTHER-IN-LAW was unable to make repairs to her home because of a lack of finances, the first thought that popped into her head was “Linda Lewis.”

Lewis is a leading reverse mortgage specialist in California who has rescued many elderly couples and other individuals from small financial issues to financial ruin.

“I knew Linda would be the ideal person for our family to speak to,” says Shaffer an attorney at the Asset Protection & Elder Law Center in Irvine, Calif. “I know other people who do reverse mortgages and I’m comfortable with them. But I explicitly trust Linda. First off, she gets it because she is a senior and went through a reverse mortgage herself.

“To me, that speaks volumes.”

What also speaks volumes is this: When Lewis reviews an individual’s situation and contemplates if they should do a reverse mortgage, she has the integrity and character to say, “This may not be best option for you, long term.”

Says Shaffer: “I don’t know too many people who’d do that. Linda is not thinking, ‘Oh, I need to close this deal for me.’ She comes from a place to help an individual, couple or family first. That’s what I love about her.”

Lewis spent the majority of her career in high-tech and then transitioned to Pacific Life, one of the nation’s most respected insurance and financial institutions. She felt 100% secure that her position would be safe until retirement because of its 145-year-old history of stability.

One week before Lewis turned 60, Pacific Life sold its broker dealer division. Guess what? That was the division where Lewis worked.

“I didn’t know what to do, but I certainly knew that I was not ready to retire,” she says.

A friend suggested she try reverse mortgages. She winced.

“All I’ve heard is bad things about them,” she said.

But her friend regaled her with stories of seniors under so much financial stress that they had to choose between buying food, paying for their medicine — or paying their mortgage.

Reverse mortgages can be a huge help to elderly couples.

Reverse mortgages can be a huge help to elderly couples.

“I can’t tell you how much these programs helped them,” he told Lewis, who quickly responded, “I can’t do this and find out later that something happened to these people 10 or 20 years down the road because they did a reverse mortgage. I could not live with myself.”

So she read everything she could about the program. She did so much research that her friend was making fun of her. “I read everything I could on Google, the Federal Trade Commission, Federal Housing Administration and Housing of Urban Development,” she says.

And what did she discover? “That it was a perfectly safe, highly-regulated, government-insured program,” she says.

She jumped right in and has been a booming success ever since, not only for her practice, but for many elderly couples and unemployed, down-and-out baby boomers she has helped.

What’s frustrating to Lewis – and many others — is all the unwarranted negativity and unjustified criticism of reverse mortgages. Myths run rampant. First and foremost, as long as a homeowner is paying property taxes and homeowners’ insurance, they can remain in the property for as long as they live – even if they live to be 120.

“That’s huge,” Lewis says. “That’s why a reverse mortgage is so attractive, especially if an elderly couple needs to pay for in-home assistance, long-term care, major repairs, whatever. The reverse mortgage has become a tremendous financial tool to use.”

Another big benefit is this: if a homeowner moves or passes away and their heirs sell the home, the proceeds go to pay off the reverse mortgage. If there are funds left over, it belongs to the heirs. If there aren’t any funds remaining, since the loan is FHA insured, the heirs do not have to pay the difference.

“I love the fact that a reverse mortgage will not leave any debt to the kids,” Lewis says. “That benefit is very important to me and to the parents.”

Some critics say a reverse mortgage is too expensive. Not true. The biggest fee is the FHA insurance premium that insures the loan, yet that can be financed, so there is no money out of pocket (an appraisal may be the lone exception).

“There are just so many great benefits now, so no one should have to choose between buying food, paying for their meds or paying their mortgage,” Lewis says. “If I can help people who are down and out, I’ll do this for as long as I can.”

Contact:

Linda Lewis

NMLS #388237

Linda@ReverseWithLinda.com

949-278-4392

www.reversewithlinda.com

VIEW THE MAGAZINE ARTICLE HERE

Linda Lewis screen shot

 

 

 

 

 

 

 

Latest comments

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  • OMG! Thank you so much for this article. This is exactly what I was hoping to find during my search. Linda Lewis sounds like a great person to work with on matters of this nature.

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  • Hello there. My grandmother may need a reverse mortgage. I’m so glad I found you story. I’m going to share this with her.

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  • What I find so admirable about Linda is how much she invests her head and heart into helping people. She’s one of the most intelligent people I know AND she has a heart that goes the extra mile. She is truly committed to helping people.

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  • Hey there I am so glad I found your web site, and this article on Reserve Mortgages. My grandmother is having me looking into this for her. Thank you for a marvelous post.

  • This is a really interesting article. I’m glad I found it and I’m especially glad to read about Linda Lewis. She sounds awesome! When I get closer to my decision here, I hope to contact her.

  • Very interesting article. Like some of the other people who have commented, I too am looking into reverse mortgages for my parents. This article was a great help.

  • People like Mike Berg make the world a better place

  • Thank you so much for your story. My father in law is in a tough situation and we’re trying to figure out what to do. A reserve mortgage may be a good option for him.

  • I’m very interested to learn more about reverse mortgages. I heard a few bad things about them so I’m glad to find your article and see some of the positive things about them. A big help.

  • MarketWatch has an interesting article on reverse mortgages too — http://www.marketwatch.com/story/is-a-reverse-mortgage-a-good-retirement-strategy-2014-12-18

  • Εxcellent post. I will be facing some of thesе issues as well. kelleyglass@gawab.com

  • Hey there! I just read another interesting article on reverse mortgages — http://www.huffingtonpost.com/jack-m-guttentag/to-avoid-outliving-your-m_b_6317096.html

  • I agree. Linda sounds like a terrific and caring person.

  • Wow, this is great. I was doing some research for my mother on reverse mortgages, reverse mortgage companies and agents and I saw your article. Linda sounds like a terrific person. I’m going to reach out to her. Thank you.

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