SUCCESS STORY #1
Customer:
An 80 and 81-year old married couple who have a home valued at $85,000 with no mortgage.
Problem:
Like many seniors today, with a fixed monthly income, this couple had accumulated $35,000 in credit card debt to pay for unforeseen events and simple daily living expenses. Payments were getting harder and harder to manage on just social security.
What They Want From A Reverse Mortgage:
This couple is in great health and have no plans to move. They want to eliminate monthly payments and have the money to travel during their retirement.
Solution:
Legacy Reverse Mortgage setup an FHA HECM loan – one of the most common reverse mortgage products – to pay off the credit card debts and provide these customers with a $17,000 line of credit that will allow them to travel and enjoy their retirement. |
