Senior Equity Financial, Inc.

Case Studies

> Term Monthly Advance

The clients: A couple who wished to spend their remaining years in their home, even though they needed 24-hour care. Because their only asset was their home, their four children were paying $4,000 dollars a month to provide that care.

The goal: To use the equity in the couple’s home to pay for the their care and reduce the burden on their children.

How we helped: As the couple had no mortgage on their home, we advised the family that a reverse mortgage with a term monthly advance made the most sense for them. This would make a higher sum of money available on a monthly basis than a lifetime advance.

The result: The family chose a period of five years, which they knew would be sufficient to honor the parents’ wishes. The program made available a monthly advance of $4,000 a month. The money permitted the parents to be financially self-sufficient for the rest of their lives. When they passed on, the children sold the home, paid off the loan, and the remaining proceeds were split based upon the parents’ will.

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.