HomeRancho Mirage InsiderReverse Mortgage Loan

Reverse Mortgage Loan

A Reverse Mortgage Loan Is Not For Everybody, But it Can Be A Life Saver For Some!
Today’s reverse mortgage loans may not work for some people. They are retired, have a home that is free and clear, and they have plenty of cash and investments to meet their needs now and in the future.

But, what about those families or individuals who might need just a little bit of help? Where a reverse mortgage loan could eliminate that mortgage payment, pay off some old bills, or have a standby line of credit that offers a secure peace of mind?
This is especially true when one of the spouses passes, and the remaining spouse is suddenly faced with some serious financial decisions on what to do now. Here is how we helped a recent client.

This Month’s Case Study: We recently closed a loan for a widow whose husband unexpectedly passed away. While the husband was still alive, he worked part-time, had social security income and a few investments, so retirement life for them was relatively good. But after he passed his widow had to face some harsh realities.
Their home was worth about $850,000 but had a current loan of about $325,000 with a principal and interest payment of almost $3,000 per month. The remaining spouse only had Social Security income of about $2,400 a month, so every month she was going into a cash flow deficit. She would eventually run out of money to make the house payment, let alone have much left for any living expenses.

We at Financial Solutions Home Loans, Inc. were able to offer the widow a new Reverse Mortgage Loan where we paid off the existing mortgage loan, so she never again has to make another mortgage payment.

We also gave her a small amount of cash at the closing, along with a line of credit that will actually increase in value over time. The line of credit will give her additional funds to use as the need may arise in the future.

Our company is local; our team lives and works here right in the Coachella Valley. So when you call Steve Davidson, you are getting the “Local Guy,” not somebody from an out-of-state call center.

Visit www.Reserve4You.com for more information. For a free evaluation to see if a Reverse Mortgage loan is right for you, please Call Steve Davidson today at
(760) 980-7779 or email Steve@Reverse4you.com.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular