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- REVERSE MORTGAGE SPECIALISTAd id: 59 | Views : 90
- Price : Please contact
- Date listed : 2009-09-25
- Zip code : 90024
-
IF YOU ARE 62+ YEARS OLD AND WANT TO KNOW
HOW THE GOVERNMENT WILL PAY YOU ON YOUR MORTGAGE.
PLEASE CALL ROBERT LEICHTER @ 310-709-5880
SEE BELOW FOR VARIOUS SCENARIOS
Scenario Examples
Reverse Mortgage SCENARIO EXAMPLE #1
- Ray Wolman, Age 68
- Home Value - $250,000
- Approximate Mortgage Balance - $40,000
The Challenge:
Ray is a widower who lives at home alone. He would like to keep his home, but is having trouble making payments and meeting expenses. His monthly mortgage payment is $611. Even with both Social Security income and pension, he is still short by $187 per month…
The Solution:
Ray qualifies to take out a Tax Free* Reverse Mortgage for $144,496. He takes a lump sum of $40,000 and applies it to his existing mortgage. He decides to take the remaining balance in monthly payments of $627. After paying the mortgage off entirely, Ray's monthly income rises to $1,238. That’s $611 per month by not having to make the mortgage payment, plus another $627 from the Reverse Mortgage!!
Reverse Mortgage SCENARIO EXAMPLE #2- Bob Miller Age 82, and Jenny MillerAge 79 (Reverse Mortgages are calculated using the age of the youngest home owner.)
- Home Value - $375,000
- Mortgage Balance- $0
The Challenge:
Bob and Jenny both take medication to stay in good health. The cost of monthly meds and treatments makes it difficult for them to find the money needed to maintain the quality of life they once enjoyed.
The Solution:
They take out a Tax Free* Reverse Mortgage with the option of one lump sum totaling $260,419, or a monthly income of $1,851. The extra cash flow from their Reverse Mortgage more than covers their monthly cost for medication, and allows Bob and Jenny more freedom with much less stress.
Reverse Mortgage SCENARIO EXAMPLE #3
- Howard Hirsh, Age 63, and Linda Hirsh, Age 71 (Reverse Mortgages are calculated using the age of the youngest home owner.)
- Home Value - $165,000
- Mortgage Balance- $0
The Challenge:
Howard and Linda would like to spend their retirement traveling around the U.S. in their RV, but don’t have extra money they would need to help pay for rising gas prices and other added travel expenses.
The Solution:They take out a Tax Free* Reverse Mortgage of $85,182 cash to make some home repairs, and take care of their travel expenses.
Reverse Mortgage SCENARIO EXAMPLE #4
- Irvin Lehman, Age 62, and Rachel Lehman, Age 65 (Reverse Mortgages are calculated using the age of the youngest home owner.)
- Home Value - $850,000
- Home Equity - $850,000
The Challenge:
Irvin and JRachel have no real debts, and their monthly income is adequate for them to live life as planned, but they would like to help out with the cost of college tuition for a grand child. For that, their income monthly and savings do not suffice.
The Solution:
Irvin and Rachel take out a Tax Free* Reverse Mortgage Credit Line allowing them up to $344,411. Each grandparent can now bestow a monetary gift to the grandchild, the amount being that which is currently allowed by law.
*Be sure to check with your accountant to verify current tax laws.
Note 1: Reverse Mortgage proceeds are based upon the current interest rates at the time the loan closes, the age of the youngest borrower, and the equity in the home. The examples above are based on an interest rate of 5.75%.
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