Joe, 68 years old , was having trouble just to live and pay his bills. As a retired self-employed individual, he does not have any pension to supplement his Social Security. Actually, his social security is all he has to live on. Thankfully, Joe owns his home free and clear. He was able to take out a Reverse mortgage line of credit. Joe now takes out about 2 draws a year, one in the summer to pay his property taxes and home owners insurance and another draw in December to pay his winter tax bill and a have little extra for Christmas giving. Whether your home is worth $50,000 or $500,000, a reverse mortgage can give you the relief you need to live a more comfortable life.
Robert and Jane
Robert and Jane are both turning 71. They have worked hard and saved for their retirement. Both are in excellent health. They met with their financial planner for their annual “checkup” to discover some disheartening news that they will most likely outlive their nest egg. Their financial planner recommended a reverse mortgage. RESULT….. this couple was able to take out a reverse line of credit for $300,000 on their $500,000+ valued home. They paid off their $100,000 mortgage eliminating an $800 monthly payment. They plan to use the line of credit sparingly as needs arise. They can sleep better knowing they increased the likelihood they can maintain their lifestyle for a much longer period.
Bill and Marie
Bill and Marie, 73 years old, are empty nesters. They have sold their large home and are looking to downsize and travel some. Bill and Marie netted $250,000 out of the sale of their home. Now they found a new condo they like right in town! The condo is for sale for $250,000. They could pay cash for it, however, they were advised to take out a Reverse mortgage for purchase instead. They only needed to put $100,000 down on the home taking a Reverse loan for the other $150,000. THE RESULT………… Instead of paying cash for the home and having no reserves, they have $150,000 remaining in the bank with the reverse loan. Of course with a reverse there are NEVER mortgage payments! Now Bill and Marie have enough funds set aside to pay for their property taxes, condo dues, as well as funds to do some traveling!