Real Borrower Story: Ernesto & Carmen Rivera

August 21, 2019

Ernesto & Carmen Rivera

When 67-year-old Ernesto Rivera and his wife Carmen decided that they wanted to pay all of their bills, taking a reverse mortgage on their warm and sunny Florida home wasn’t their first option.

The first thing Ernesto thought to try was a conventional loan or a home equity loan through banks. The banks, however, told him that they couldn’t give him a loan because he owed too much.

“But that’s exactly why I wanted the loan in the first place!” Ernesto laughs, as he recalls the catch-22. He couldn’t get a loan unless he paid off his bills, but he couldn’t pay off his bills until he got a loan!

Ernesto then considered a reverse mortgage. He had heard something about reverse mortgages before but didn’t know exactly what it was, so he first went to a local reverse mortgage company in Florida.

“I went through the process with them, but somehow I felt that they weren’t being too honest with me. So I wanted to try another company,” Ernesto explains. “I searched online and American Advisors Group came up. It seemed like I’ve heard of AAG before, so I reached out and called.”

That’s when Ernesto was introduced to his American Advisors Group reverse mortgage professional Richard Hersh. “I was very impressed with him and the way he talked with me. He explained every single detail of what a reverse mortgage was,” Ernesto says.

“What I really liked is that he never pushed me. He gave me advice but not once did he tell me what to do; he just told me the facts and let me choose. He also straightened out any problems. He told me not to worry and that he would help me solve any problems. And he did. Everything was resolved smoothly, I closed my loan, and I’m very happy.”

Since then, Ernesto has used his reverse mortgage loan funds to pay off his bills, which freed up a significant amount of his income every month. With bills eliminated, he is finally free to use the income that used to go straight to paying down bills.

“I feel like I got a big raise!” Ernesto says, with obvious enjoyment in his voice. “My wife and I will save up for a vacation to Nevada, and we have enough extra to go and enjoy a nice dinner out every now and then.”

Ernesto is not hesitant about recommending looking into a reverse mortgage. If he could advise other potential borrowers on reverse mortgages, his first advice is to try a simple phone call.

“If you are questioning a reverse mortgage I would tell you to call American Advisors Group and talk to someone like my reverse mortgage professional Richard Hersh,” Ernesto advises.

“After talking to someone like him, you’ll understand a lot better because he will explain everything in detail. Then if you decide it is right for you, he will be with you and guide you through it all. I called to ask questions and I’m so very happy I did.”


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