HOW REVERSE MORTGAGES RECOMENDED BY FINANCIAL PLANNERS CAN HELP SENIORS
Rebecca was referred to me by her financial planner regarding a reverse mortgage. She has $150k in assets and is drawing approx. $1400.00 each month, and had an alimony income of $2500.00 each month. Rebecca was having trouble making ends meet as it was. She was always worrying about money and there wasn’t much her financial planner could do. If she drew down the accounts, she would run out of money.
Then things got worse. The source of her alimony ended with the untimely death of her ex-husband. She was down to a $1400/mo income & some social security. Luckily for Rebecca Bob knew she owned her home free and clear, worth $515,000.00. He recommended that Rebecca call Debbie Cooley Mortgage to research what her options could be.
After talking with Debbie at Debbie Cooley Mortgage, Rebecca was able to qualify for a Reverse Mortgage Line of Credit for $225,000.00.
Rebecca is taking $15,000.00 cash at closing and using the rest of the money whenever she needs extra income. The good news for Rebecca is her line of credit will grow every month at a rate of 5% giving her more money to draw on when she needs it. Rebecca was so grateful as she could not have qualified to take out a line of credit at her local bank, with a Reverse Mortgage Rebecca only has to pay her taxes, insurance, and HOA fees. She will not have a mortgage payment.
This made Bob her financial planner look like a hero to her.
Call Debbie, at 727-688-2851, to discuss more options for your clients to turn the equity in their home into monthly income, cash upfront, and/or a line of credit they do not have to pay back in their lifetime.