Scenario Examples

Reverse Mortgage SCENARIO EXAMPLE #1
  • Craig Jenkins, Age 82, and Sylvia Jenkins, Age 79 (Reverse Mortgages are calculated using the age of the youngest home owner.)
  • Home Value – $375,000
  • Home Equity – $375,000
The Challenge:
Craig and Sylvia 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 $218,419, or a monthly income of $1,495. The extra cash flow from their Reverse Mortgage more than covers their monthly cost for medication, and allows Craig and Sylvia more freedom with much less stress.
 


Reverse Mortgage SCENARIO EXAMPLE #2
  • Kathy Tobias, Age 63, and Rinaldi Tobias, Age 71 (Reverse Mortgages are calculated using the age of the youngest home owner.)
  • Home Value – $165,000
  • Home Equity – $165,000
The Challenge:
Kathy and Rinaldi 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 $82,419. This will give them an extra $519 per month which they can use any way they’d like, and more than supplements their need for gas and RV maintenance.
 


Reverse Mortgage SCENARIO EXAMPLE #3
  • Gordon Penilla, Age 62, and Joanne Penilla, Age 65 (Reverse Mortgages are calculated using the age of the youngest home owner.)
  • Home Value – $850,000
  • Home Equity – $850,000
The Challenge:
Gordon and Joanne 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:

Gordon and Joanne take out a Tax Free* Reverse Mortgage Credit Line allowing up to $265,411. Each grandparent can now bestow a monetary gift to the grandchild, the amount being that which is currently allowed by law.

Free Reverse Mortgage Analysis - Image
 


*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 6.26%.
 
Note 2: Borrowers can lock rates in for 60 days from the date of application to the closing. All rates adjust weekly, and the rate for closing is determined by the weekly rate set on Tuesdays of each week (excluding Federal Holidays) and stay valid until the following Monday.

Want to see how much you can qualify for? Give us a call today (303) 785-2800 or fill out our quick form to request a free, NO OBLIGATION consultation.