A husband and wife in their early seventies were feeling they needed a little more cash on hand and they were considering cashing in some of the limited investments they had left.
Being limited on cash had the couple feeling uneasy day to day and the smallest financial upset was starting to become a big challenge for them.
After they paid all their expenses each month, they were left with about $225. Now that they car was getting quite old, their house was in need of crucial repairs and their family had asked to borrow some money, finances were at their limit.
They however had a house that was paid in full and from a net wroth point of view were doing quite well. After a simple reverse mortgage calculator, the couple saw that they were eligible to access up to $250,000 from their house, tax free.
The couple used the funds for a newer car, house repairs, support for their family and invested the rest in an investment that provided them with a monthly cashflow. The weight of the world had been lifted and they were finally able to book a trip to visit family that they had be wanting to do.
As a Certified Reverse Mortgage Specialist, I can answer any questions you may have about a reverse mortgage.