Example of a Reverse Mortgage

Mr. Hutton is 74 years old and his wife is 72 years old. Their home has been appraised at $300,000 and they own it free and clear of mortgage. They qualify for a reverse mortgage and are eligible for a lump sum of cash in the amount of $138,000 or a guaranteed income of $900 per month for as long as they live in their home. If they purchased an annuity with the cash, they would receive $960 per month for the rest of their lives wherever they live. If they choose to receive the money from their reversed mortgage in the line of credit option, the unused portion would grow at the same rate as their loan balance. They would receive the interest earned on a monthly basis ($675) or on an annual basis ($8,400) and still have the $138,000 available as reserve. They can also mix or match those options to provide them with the most appropriate solutions for their needs. Regardless of which option they choose, the reverse mortgage provides several practical options to fund either their long-term care insurance policies or their long-term care services.

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