Grandma Does Not Want To Move!

Try Thinking in Reverse!

Deloris is a sweet, 68 year old grandmother with a problem. Money, or more accurately, a lack of it. Through no real fault of her own, she finds herself as an unemployed widow with a $ 787 per month house payment and a life savings of just under $14,000.  She has refinanced her home, so much of her available equity has already been put to use just meeting her living expenses. Not exactly a glowing formula for a comfortable retirement that could see her living another 20+ years. Deloris did not want to sell her favorite home but could no longer afford to stay where she is.

What can she do asked her daughter Linda? After giving it a few minutes Sherman Smith of Sherman Smith & Associates suggested that we think in reverse. A Reverse Mortgage that is. For senior home-owners (age 62+), a Reverse Mortgage can be a blessing because it allows her to continue living in her present residence without making another house payment.  With the Reverse Mortgage program, available equity is turned into tax-free available cash (or monthly payments for life) that can be used in any manner she chooses. Home improvements and repairs, a new car, funds for medical insurance or medications, a vacation home, or that vacation cruise-of-a-life-time.

For Grandma Deloris, the reduced equity in her home wouldn't make a cash payment plan possible, but the Reverse Mortgage did mean that her existing mortgage was paid in full and her related payments stopped, for good. Deloris now gets to live in her favorite home for the rest of her days and has an additional $ 787 per month that she can devote to living expenses. Or maybe that cruise she always wanted to take. If you know a special someone who can use help like this please contact Sherman Smith  at (714) 544-5445 or email at shermansmith@pacbell.net.