More than a house

A family home spans the generations

The Wallace family first came to NHS Phoenix in 1989. But Ray was not the original client; his father was.

This story actually begins in 1949, when Ray was only 9 years old. Moving west from Chicago, Mr. and Mrs. Wallace purchased a home four houses down from their parents. Ray's aunt bought property nearby. Over the years, they put their hearts and souls into the house. In 1988, their working class neighborhood became the Oakland Historic District, prized for its architectural and historic significance.

When Ray's mother died in 1989, his father decided to modernize rather than leave the house he had loved for so long. That's when he first came in to NHS Phoenix for a rehab loan to upgrade the plumbing, heating and cooling systems in the 1920's house, and add an additional bath and bedroom.

Ironically, just about the time the loan was paid in full, Mr. Wallace's health took a turn for the worse. He came to NHS Phoenix again, this time for a home equity loan that would help to cover his mounting medical expenses. Sadly, his health did not improve. After considering all the options, he determined the best course of action would be to sell his home to his son, Ray. NHS Phoenix arranged that loan in 2000.

Since then, Ray has been making his mortgage payments on time, every time. He generally delivers them in person to catch up with his friends at NHS Phoenix. He shared the sad news of his father's death, along with happier news, through the years.

"I'm still working at 67," says Ray today. "That isn't what I thought I'd be doing at this age." But social security only covers basic living expenses and utilities, so he keeps up his lawn care business to have enough for other expenses.

"The property taxes come due, the insurance comes due. They keep going up. Friends were telling me to sell the house and move to Whitman to live with my niece," he says, "but I don't want to be that far out. I visit my niece once a month, for the day. It's great-five acres, farm animals-but I just don't want to be that far removed."

Like his parents before him, Ray's heart and soul are in the house, and the neighborhood, he grew up in. So Ray decided to discuss his situation with NHS Phoenix Loan Processor Cindy Espinoza this summer. To stay in the house without raising his monthly mortgage payments, and to have cash available for extra expenses, Cindy recommended a reverse mortgage. A referral to Sun American Mortgage made that loan a reality for Ray.

"They gave me payout options. I chose the cash draw. If I don't draw it out, it pays the going interest rate-now 6.7 percent--so it keeps growing. It was the best thing for me," says Ray.

Ray's a hard worker, so he probably won't give up his lawn care work entirely. But he's now free to slow down a little, as his doctor is recommending, knowing that the money is there for him when he needs it. And he knows that his friends at NHS Phoenix are there when he needs them, too.

From the Fall 2006 issue of DoorWays.