Our 82 year old borrower was receiving social security income. She had missed a mortgage payment, needed a new roof, and feared she might have to sell her home. She also had a significant amount of additional debt. Due to her limited income, no Forward mortgage options were available to her. Our borrower chose to complete a Reverse Mortgage, the ideal solution for her situation. She was not only able to pay off her remaining Forward mortgage but used a portion of her equity money to purchase a new roof and pay off her other debts, all while staying in her home.
Our financially savvy borrower wanted to strengthen his retirement portfolio and recognized that by liquidating some of his housing equity, his other financial investments could continue to grow untouched. By utilizing the Jumbo Reverse Mortgage, he tapped into a portion of his home equity to set up a $3,000,000 credit line!
Our 86 year old borrower was behind on his property tax bill and was hoping a cash-out refinance could provide the proceeds to catch him up. He was unable to qualify for Forward mortgage options due to his limited income, but did qualify for a Reverse mortgage and used the proceeds to pay off his delinquent taxes!