A few years ago though she started having such a problem with her hip that she had to stop working which greatly reduced her monthly income. Now not only is she unable to travel to these events she can’t even afford to go to all the Operas, Symphonies and other events she loves so much right in her own back yard of the Los Angeles area.
There is so much to see and do in Southern California that if you have the cash flow and the desire you can do something uplifting and artistic almost every day of the week. This grand lady has the desire but no longer has the cash flow and so at a time in her life when she should be enjoying no longer working she is more or less stuck at home.
One of our Loan Officers met with her and showed her how the fixed reverse mortgage could pay off her current mortgage and free up a little over $1,000 per month and provide her with an additional $250,000 of cash to do whatever she wants to. I pointed out that she could take a very nice trip every year for the rest of her life and still have extra to go to all of the cultural events she wants too.
I have seen so many ways that the reverse mortgage has improved the lives of seniors that I struggle to see why some folks still try to just get by when they could be living a wonderful life by accessing some of the equity they still have in their home. Why do without just to leave it to your kids? What do you think the kids are going to do with the money? They will go have the fun you should have had with your money.
January 1, 2010 the limits on the reverse mortgage will be reduced, now is the time to get started or you will be too late and get a lesser amount. Get a quote using a reverse mortgage calculator to see how much money you qualify for so you can make an informed choice.
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