A while back I closed a Reverse Mortgage for a lady who was 80 years old. She had been struggling to keep up with her bills on her fixed income. This included almost $800 per month for P&I on a mortgage payment. She had very little margin and hardly anything in the bank. When we finished the closing, she got up and started dancing. She said, “I am so happy! I can have a life again!” Not only did she have $800 per month back in her budget, she had an additional $40,000+ available for whatever need might arise.
Another couple didn’t do a “happy dance.” They were fairly well off and didn’t have a similar need. However, they did understand the impact that eliminating their $2,300 per month P&I payment would have on the longevity of their retirement accounts. It gave them the comfort that their financial resources would last far longer into their retirement.
There was also the couple in their early 60’s who had no mortgage to pay off. They understood they were sitting on a several hundred-thousand-dollar asset that was not providing any tangible benefit. They were excited to see that if they accessed the dormant wealth in their home, they could have nearly $300,000 available to them in a line of credit.
They were amazed it was guaranteed by the federal government to both grow and to be there even if the value of their home fell to zero. “It was like equity insurance.” If left in the line of credit to grow, by the time 20 years passed, in their early 80’s they could have approaching $800,000 - $1,000,000 (tax free).
That security changed how they approached retirement. Running out of retirement funds, and possibly the worst case of facing the cost of long term care, were no longer limiting fears. They had the guaranteed resources no matter what they faced. They said they felt more secure to enjoy their retirement.
That’s what I do. I help people have the retirement they always hoped for. And sometimes… they dance!
Contact me for information to see if a reverse mortgage is right for you. You owe it to yourself and your family to know the truth about reverse mortgages. I educate; you decide.
(586) 753-9000
