Senior Equity Financial, Inc.

Case Studies

> Combination Plan

The clients: A couple in their 60s with a $300,000 home and a $50,000 home equity loan which was costing them $500 per month.

The goal: Pay off their equity loan and supplement their monthly income.

How we helped: We recommended the couple apply for a reverse mortgage and receive their payout in a combination of lump sum, monthly advance, and credit line.

The result: The couple had $180,000 available through their reverse mortgage. They took $50,000 as a lump sum to pay off the equity loan. This immediately put $500 a month back in their pocket. With the remainder of their reverse mortgage proceeds, they decided to take an additional $500 lifetime monthly advance, and then left the remaining $30,000 in their line of credit. The benefit of the line of credit is that this balance would grow and be available to them at any point in the future.

If you’re interested in learning more about reverse mortgages, Senior Equity Financial has the experience to help you understand the options and find the reverse mortgage that’s specifically tailored to fit your financial needs.

With Senior Equity Financial, your needs come first. Just call us at (800) 261-8507.