SUCCESS STORY #2
Customer:
A 72 and 73-year old married couple with a home valued at $210,000 and a mortgage balance of $155,000.
Problem:
This couple was finding it harder and harder to make mortgage payments on their fixed income. They had enough funds in their savings to pay off the mortgage, but didn’t want to almost liquidate all their investments.
What They Want From A Reverse Mortgage:
This couple wanted to be able to pay off their mortgage and be able to stay in the home they loved as long as possible without spending their hard-earned investment funds.
Solution:
Legacy Reverse Mortgage worked with their financial advisor to set up a plan to help. An FHA HECM loan was obtained to pay off $113,000 of the mortgage balance and the customers liquidated only $42,000 of their investments to pay off the remaining mortgage balance. They now enjoy having no mortgage payment while still preserving the majority of their investment funds. |
