November 7, 2019

A Reverse Mortgage may be Perfect for You

There are several items in life that are close to perfection:

Well, they may be perfect for me, but they don't fit everybody's needs. This is also true with a reverse mortgage. While it may not be the right solution for everybody, there are some situations where a reverse mortgage is the perfect answer.

One such situation arose when a Skagit County couple approached me about the monthly cost of their home. This couple in their 60s had bought their home two years prior with the intention of retiring, making some improvements and living out their golden years.

Immediately after their purchase, his health deteriorated to where he couldn't do any of the work, and she was having to take up a new job just to cover the mortgage payment and his medical expenses. On top of that, she was doing all of the improvements herself when she got home from her job, often late at night. Their family didn't live locally, so they didn't have anyone else to lean on for help.

After reviewing their financial structure, we put together a strategy using a reverse mortgage. This allowed them to pay off their mortgage and a truck loan, and she was able to quit her job. Today, they are living comfortably in their dream home, and their only concern now is to monitor his health.

A reverse mortgage can be used to refinance an existing home or even purchase a home you're going to move into. It can eliminate your monthly mortgage payment, provide a lump sum of cash, a line of credit or even monthly income for life. While a reverse mortgage may not be right for everybody, it can be a perfect solution for some.

Contact me today if you would like to discuss how a reverse mortgage may fit into your financial strategy.