Hi all,
Just wanted to tell you a quick story about a client I met with today that we will be helping with a reverse mortgage very soon. She was referred to me by a friend of mine.
- She is 83 years old and lives alone. She is active, healthy and vibrant!
- Her home is worth $400,000.
- She has a small mortgage for $36,000 with a $367 monthly payment.
- Her social security is $600 per month.
With her reverse mortgage she is planning on:
- The reverse mortgage will payoff her existing loan, saving her $367 per month in payments!
- She will take $20,000 cash to upgrade her master bath and install a safe, walk in tub & shower system!
- She will leave $135,000 in a line of credit to have for emergencies and in home care should something happen in the future. (Smart woman!)
- She will receive $500 per month tenure payment from us to her for the rest of her life as long as she lives in the home.
Now she will be able to age in place, with an increase in income, a safer home, and money to pay for care when she may need it.
Now you know why I love my job! It is so heartwarming to be able to help a senior be safe and secure in their home.
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By Deborah Nance
Your Local Southern California Reverse Mortgage Professional
