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Reverse Mortgage Examples:
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Reverse Mortgages Example #1
Profile - William and Betty
Age - William 77, Betty 75 ( reverse
mortgages are calculated using the
youngest Home Loan Refiance
owners age )
Home value - $375,000.
Equity - $375,000.
Problem - How to supplement monthly
income to help pay for Mortgage Net Branch
medical and
medication expenses.
Solution - A reverse
mortgage will provide $218,419. tax
free* in one Bankruptcy Attorney lump sum or credit line or
$1495. per month.
Reverse
Mortgages Example #2
Profile - Charles and Judy
Age - Charles and Judy are both 68
Home morgage terms
value - $165,000.
Equity - $165,000.
Problem - They would like to travel
in their morgage motor home but lack the extra
income needed to pay the added expenses
of travel.
Solution - A reverse mortgage of
$82,419. will give them $519 per month
of extra tax free* income.
Reverse
Mortgages Example #3
Profile - Mary S.
Age - 72
Home value - $250,000.
Equity - $210,000. with a mortgage
balance of approx. $40,000.
Problem - Mary lives alone and wants
to stay in her Bankruptcy Attorney home but is having
difficulty meeting expenses. Her
mortgage payment is $611. per month.
With her Social Security income and
pension she is still short $187. per
month.
Solution - A tax free* reverse
mortgage for $129,138. Taking a lump sum
of $40,000. to pay off her existing
Bankruptcy Attorney
mortgage and the balance in monthly
payments of $561. After paying off the
mortgage, Mary's monthly Bankruptcy Attorney income rises to
$1172. ($611. mtg. paym't plus $561 from
the reverse mortgage).
Reverse
Mortgages Example #4
Profile - John and Joanne
Age - John is 82 and Joanne is 80
Home value - $850,000.
Equity - $850,000.
Problem - Their income is sufficient
to live as planned but they would like
to assist with the college tuition for
their two grand children.
Solution - A reverse mortgage credit
line of up to $265,411. Then each
grandparent can debt settlement gift, each year, to each
grandchild, the debt settlement amount currently allowed
by law*. Income from a reverse mortgage
is currently tax free*.
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