More Reverse Mortgage Examples

I made a couple calls and visited with recent clients and seniors who have completed a recent reverse mortgage. I found these other examples online, it is good to share examples so others can see the benefits of a reverse mortgage and how it might work with their specific situation.

Age - 72
Home value - $250,000.
Equity - $210,000. with a mortgage balance of approx. $40,000.
Problem - Mary lives alone and wants to stay in her home but is having difficulty meeting expenses. Her mortgage payment is $611. per month. With her Social Security income and pension she is still short $187. per month.
Solution - A tax free* reverse mortgage for $129,138. Taking a lump sum of $40,000. to pay off her existing mortgage and the balance in monthly payments of $561. After paying off the mortgage, Mary's monthly income rises to $1172. ($611. mtg. paym't plus $561 from the reverse mortgage).

Age - John is 82 and Joanne is 80
Home value - $850,000.
Equity - $850,000.
Problem - Their income is sufficient to live as planned but they would like to assist with the college tuition for their two grand children.
Solution - A reverse mortgage credit line of up to $265,411. Then each grandparent can gift, each year, to each grandchild, the amount currently allowed by law*. Income from a reverse mortgage is currently tax free*.

Call Toll-Free 1-888-9REVERSE (1-888-973-8377) to speak with a Reverse Mortgage Specialist. There is no obligation or cost for our services.