Senior Equity Financial, Inc.

Case Studies

> Lifetime Monthly Advance

The client: A 70-year old widow who owned a home worth $300,000, with no mortgage.

The goal: To supplement her monthly income.

How we helped: We recommended our client take out a reverse mortgage and convert the entire amount available to a lifetime monthly advance. She qualified for $180,000, which would allow her to receive $1,150 per month for the rest of her life.

The result: By taking out a reverse mortgage with a lifetime monthly advance, our client was able to enjoy a more secure retirement, with the peace of mind of knowing that her tax-free monthly advance would not count against her social security, and would never run out, as long as she stayed in her home — no matter how long she lives.

Other clients have used a monthly advance to offset drawing down investments, which may be subject to income taxes. Still others are using it to pay the premium of a long-term care policy to assure they can live in their home even in the event care is needed.

Keep in mind: A mortgage insurance premium is included in the closing costs of federally insured programs. That means the monthly advance will be guaranteed, even if the borrower ultimately receives more than the house is worth. Should this happen, neither the borrower nor any heirs will be responsible for any loan balance greater than the future value of the home.

You can choose to convert the entire amount available or take just a portion of it as a lifetime advance.

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.