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Your Budget Will Thank You
As you are painfully aware, every monthly payment you make is money out of your pocket.
Eliminating as many payments as possible will give you more money to spend each month.
Below are just a few common examples of how Seniors have used a Reverse Mortgage to eliminate various types of debt so they can maximize their retirement.
(All mortgage payments below are without property taxes & homeowners insurance)
Using your Reverse Mortgage proceeds to pay off credit cards/auto loans is OPTIONAL.
EXAMPLE 1
Mortgage Payment= $1,600.00
Result:
- Total Monthly Savings = $1,600.00
- Total Yearly Savings = $19,200.00
- Five Year Savings = $96,000.00
EXAMPLE 2
Mortgage Payment = $1,400.00
Home Equity Line of Credit/2nd Mortgage = $450.00
Total Monthly Payments = $1,850.00
Result:
- Total Monthly Savings = $1,850.00
- Total Yearly Savings = $22,000.00
- Five Year Savings = $111,000.00
EXAMPLE 3
Mortgage Payment = $1,250.00
Credit Card Payments = $900.00
Total Monthly Payments = $2,150.00
Result:
- Total Monthly Savings = $2,150.00
- Total Yearly Savings = $25,800.00
- Five Year Savings = $129,000.00
EXAMPLE 4
Mortgage Payment = $1,500.00
Car Payment = $400.00
Credit Card Payments = $700.00
Total Monthly Payments = $2,600.00
Result:
- Total Monthly Savings = $2,600.00
- Total Yearly Savings = $31,200.00
- Five Year Savings = $156,000.00
EXAMPLE 5
Mortgage Payment = $1,100.00
Car Payment = $550.00
Credit Card Payments = $800.00
Home Equity Line of Credit/2nd Mortgage= $425.00
Total Monthly Payments = $2,875.00
Result:
- Total Monthly Savings = $2875.00
- Total Yearly Savings = $34,000.00
- Five Year Savings = $172,500.00
In addition to the above examples, there are other ways a Reverse Mortgage can help you. Please contact us to explore the many options we have to put money back in your pocket every month and cash in your hands.
We Guarantee Your Budget Will Thank You!
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