CONSOLIDATE DEBT AND FREE UP INCOME SOURCES

If you have substantial equity in your home, a reverse mortgage can both eliminate your current mortgage payment and also pay off other debts such as a car loan or credit card balance. Reverse mortgages enable homeowners 62+ to tap into their home equity to receive a fixed monthly payment or get a line of credit. Using this monthly fund, you can pay off debts, make home improvements, and manage other large expenses. 

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PAY OFF DEBTS

Use your reverse mortgage proceed to pay off an existing home loan or line of credit, or to pay off other debt, including a car loan, medical bill, credit cards, etc.

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SAVE CURRENT INCOME

Pay off your mortgage or other debts with a HECM. Thus, you won’t need to spend your current income to make those monthly payments.

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FINANCIAL PLANNING

Use reverse mortgages to set up a credit line and preserve other assets for future use. It helps lower income from other sources to avoid income tax on Social Security benefits.

Secure Your Future

Did you know that senior housing wealth reaches record $7.14 Trillon? 1
Learn how you can use a reverse mortgage for a better retirement.

Reverse Mortgage Solutions - PayoffDebt Case Study

HOW IT WORKS

Adrian and Paula are 65 years old. They borrowed a mortgage, balances on their credit cards, and also have a car loan. Each month they have to pay a huge amount of money to pay for all these. 

By having a reverse mortgage, the couple can consolidate all their debt into a single loan that significantly reduces their monthly payments. As with a traditional mortgage, they have to fulfill all their loan obligations, stay current with property taxes, home insurance premiums, maintenance expenses, and any homeowners association fees.

THE RESULTS

  • Adrian and Paula can save more money in their pocket every month.
  • They are more financially independent in the future.
  • They don’t need to withdraw from their savings and invested assets, which is an income source for them.
 

You're in good hands with Brett!

Want to learn more about how Brett Stumm could improve your retirement?

¹ Senior Housing Wealth Reaches Record $7.14 Trillion. NRMLA. Historical RMMI.

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