I’ve done some extensive research online and made a couple calls with recent clients and seniors who have completed a recent reverse mortgage. I found these examples online; it is good to share examples so others can see the benefits of a reverse mortgage and how it might work in their specific situations.
Age - 72
Home value - $250,000.00
Equity - $210,000.00 with a mortgage balance of approx. $40,000.00
Problem - Sue lives alone and wants to stay in her home but is having difficulty meeting expenses. Her mortgage payment is $611.00 per month. With her Social Security income and pension she is still short $187.00 per month.
Solution - A tax free* reverse mortgage for $129,138.00 Taking a lump sum of $40,000.00 to pay off her existing mortgage and the balance in monthly payments of $561.00 After paying off the mortgage, Sue's monthly income rises to $1172.00 ($611.00 mortgage. payment plus $561.00 from the reverse mortgage).
Age - Bill is 82 and Mary is 80
Home value - $850,000.00
Equity - $850,000.00
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 $265,411.00 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 1-877-476-9600 to speak with one of our Loan Specialist to find out more about reverse mortgages or to request more information. There is no obligation or cost for their services
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