Your Future with a Reverse Mortgage
Funding Home Improvements
How many of you put off home improvements because you don't want to tap into your savings? It's not uncommon for people, especially seniors, to put off painting their house or re-shingling their roof because their savings is limited. What they have in savings is usually all they will have, so it has to last. Not knowing what the future holds makes it hard to spend money. Regardless, it is necessary to keep up with small home repairs in order to prevent major costs in the future. What can you do?
Frank and Margie: wanted to take care of their home, yet they did not want to touch their savings. They intended to stay in their home for the rest of their lives. Keeping the home in good condition was paramount if they were to stay in the home. In addition, the reality that Frank was getting sick and needed assistance with daily living was an issue they needed to address.
Old Situation:
- Need home improvements
- Limited cash reserves
- May need long term care in the future
The Reverse Mortgage was a perfect fit. The money they took out against their home did not have to be paid back until both of them no longer lived or no longer lived in their home and met the reverse mortgage requirements. First thing they did was take a good portion of the money to replace their roof and use for other home improvements. Long Term Care was something they were aware of but did not want to think about. Long term care insurance was out of the question for a variety of reasons. What did they do? They invested their reserves with the least amount of risk and the best possibility for growth.
New Situation:
- Home improvements completed
- Long Term Care fund established
How a Reverse Mortgage Enhances Your Estate Planning
Very few seniors today, started their lives well off. However, our seniors today are the wealthiest generation in America’s history. Perhaps through wise investing over the decades your portfolio is now valued at more than you ever imagined. You are very fortunate. Your next challenge is how to pass this wealth on to your children, grandchildren or perhaps a charity that is close to your heart. More and more financial advisors, CPA’s, CFP’s, CLU’s, attorneys and bankers, are seeing the value of reverse mortgages for their wealthy clients.
Perhaps you and your spouse worked hard to give your children a better future than you had. Whether you worked with a public company or owned your own business, your current net worth may exceed your wildest dreams. How will you transfer that money to your loved ones without Uncle Sam taking a big chunk? Again, a reverse mortgage may be your answer.
