Real Life Examples of Reverse Mortgages
A Lady in Lansing, Michigan - 83 Years Old
Situation:
She had lived in her home for 40+ years. The home was in need of some major repairs, but she could barely pay her bills, let alone put money into repairs on the home.
How a Reverse Mortgage Helped:
With a reverse mortgage she was able to get her home remodeled, installed new gutters and had extra money each month to live on. She said, "Now I can feel good about having my Church Lady friends over again."
A Couple in Greenville, Michigan - 74 & 70 Years Old
Situation:
He had retired but soon found they couldn’t keep up with the rising costs of everyday things, so he found a job at Meijer to help fill the gaps.
How a Reverse Mortgage Helped:
They did a reverse mortgage and he retired again, but now with the extra cash to enjoy retirement.
A Couple in Casnovia, Michigan - 74 & 72 years old.
Situation:
He is still working but they wanted a new truck for him, a new car for her and wanted to purchase a travel trailer so they could go camping in the summer.
How a Reverse Mortgage Helped:
They did a reverse mortgage and bought the toys they wanted. They put the balance into an Annuity that will pay them interest only payments once a year to pay their property taxes. She told me a year later, she has no idea what they would have done without the reverse mortgage.
A 74 Year Old Man in Fenwick, Michigan
Situation:
He had run out of money and had no idea how he was going to pay his property taxes.
How a Reverse Mortgage Helped:
We did a reverse mortgage and he received a check for $71,000 that he will not have to pay back as long as he lives in his home.
An 84 Year Old Lady in Grand Rapids, Michigan
Situation:
Her house was in bad shape - she had a hole in her roof, plaster was falling off the ceiling, a plumbing leak in the upstairs bathroom and she was still paying on her mortgage.
How a Reverse Mortgage Helped:
With a reverse mortgage she had a whole new roof put on, repaired the ceiling and plumbing, and paid off her current mortgage. Then she went out and purchased new furniture for her living room. She put $10,000 into her checking account for a back up fund and put $40,000 into a Annuity, paying her interest-only payments monthly. With paying off her mortgage and the annuity payments, her spendable income for a month increased to $1,200 per month.
A 73 Year Old Man in Chippewa Lake, Michigan
Situation:
Beautiful home on Chippewa Lake, he and his wife were doing okay in retirement until his wife got sick and died. He found himself in a position where he didn't have enough income left to make ends meet without selling their dream home on the lake.
How a Reverse Mortgage Helped:
A reverse mortgage got him the extra money he needed to remain in his home and as long as he lives there he will never have to make a mortgage payment.
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What is a Reverse Mortgage?
Officially it is called a Home Equity Conversion Mortgage or "H.E.C.M.". This is a unique loan designed for seniors 62 years of age and older. It allows you to get equity out of your home to provide current income or any other goal you may have, without ever having to make a payment on the loan as long as you live in your home.
If you live in your home until your death, your heirs will have the choice to payoff the loan or sell your home and keep any equity that is left.
More Frequently Asked Questions
Reverse Mortgage Consultant:
Lee Miller
Home Office:
(616) 754-7866
Fax:
(616) 754-6466
Cell:
(616) 723-4743
Email:
lmiller@lifeplanningassociates.net
CONTACT US NOWTO FIND OUT
IF A REVERSE MORTGAGE
IS RIGHT FOR YOU!!!
Clark Financial Group
Reverse Mortgage Division
3300 Eagle Run Dr. NE
Grand Rapids, Michigan 49525
Office: (866) 554-6976
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