AS a reverse mortgage specialist, I can provide options for seniors to improve their cash-flow.
Recently I helped a couple, ages 73 and 74, improve their monthly cash flow, and provided an emergency fund as well. This situation is quite common - they refinanced their home and took some cash out a few years ago. Their retirement accounts were valued at less than $30,000, and they were living on their Social Security benefits, totaling $2100 a month. They will be needing a new vehicle in the next year, and their current mortgage payment was $665 (P+I). Despite living modestly and being good stewards, they were concerned about the "what-if's" in life, such as their income decreasing should one spouse die, or needing repairs to their home. Inflation was a concern, as it is far higher for the products and services seniors use than those under 62.
We met with the daughter, as she was their only heir. She let her folks know that their quality of life was more important than her inheritance. Having her parents live with an increase of peace of mind was important to her.
The result was an increase of tax-free cash-flow of $7980 a year, or $79800 over a ten year period. They planned on staying in their home, or as they said "we ain't going anywhere". Their concern over one spouse passing away and losing SS benefits was addressed and solved. The emergency fund, now flush with $17,000, gave them peace of mind as well.
The key here was to address their concerns, listen carefully, involve those who care for the retirees or are involved in the decision-making, then offer several options.
To find out how much you can qualify for with a reverse mortgage, or to learn more about them, please visit my website: www.topflitereverse.com/florian
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