Reverse Mortgage Scenarios

Mortgage Payment Elimination
& Debt Consolidation

Situation: Catherine was under financial stress due to the loss of her husband. She had incurred numerous medical bills and credit card debt from her husband’s illness as well as the ongoing required mortgage payment of $789. This was compounded by the loss of his social security income and the loss of his pension.

Catherine

Solution: Realizing she had to replace lost income, she contacted Senior Lending and spoke with a HECM Advisor who educated her about a very simple solution. With the HECM she was able pay off her current mortgage, medical bills and all credit card debt. She also received an additional credit line of $92,000 giving her access to additional funds for emergencies.

Home Improvement

Situation: Samuel & Clara were in an older home that was in need of major improvements since it was built back in the 1970’s. They needed a new roof, A/C unit and upgraded all weather windows. They also wanted to have some cosmetic upgrades done to their kitchen and bathrooms as well as new flooring throughout.

Samuel & Clara

Solution: Samuel & Clara contacted Senior Lending and found out they were able to open a HECM Credit Line in the amount of $142,000 without the burden of required mortgage payments. After completing all the repairs and upgrades they still had $102,000 left in their credit line for future use. The available amount in the HECM Credit Line would actually grow every year giving them access to additional funds if needed in the future.