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Creative Options All Your Own

Issue 31.12

Robert and Jean owned their home free and clear. It appraised about $400,000. They performed a Reverse mortgage and took out about $250,000 of equity from their current home. They used this money to buy 2 rental properties. Because the Real Estate economy was at the bottom, they now own income generating properties and the value will likely increase so when it is time to leave the estate to their children, there will be a considerable amount of asset both monthly cash flow as well as equitable.

Grace owned a small home valued at $150,000. Her medical bills had overtaken her subsequently she maxed all her credit cards to make payments. Her income was reduced to Social Security only and she had enough to live without medical or credit card payment but nothing extra. Her reverse netted her approximately $94,000. She was able to pay off all her medical bills and credit cards and was able to have a much needed $5,000 medical procedure. She took the remaining $50,000 and put it into savings as a security back up plan.

Charles owned a home, again free and clear. He witnessed his neighbors squabbling over settlement of their parent’s estate. Many siblings involved could not agree on the settlement. Charles immediately contacted me to obtain a Reverse Mortgage. He chose to take much of the equity from his home and give the inheritance to his children while he was alive to share it with them instead of putting them through the stress during a difficult time. Once he passed, there was nothing to fight over.

Ways to use the HECM reverse mortgage are virtually limitless. With rates at all-time lows, and reduced fee structures, now is a great time to use a reverse to your advantage. Regardless of your scenario, it might be worth looking into? Objections are welcome! Many old rumors still exist regarding past reverse products. For FREE education and information call Scott 435-767-1092 I will also prepare a precise estimate for you and your personal circumstance!

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