Reverse Mortgage Expert Carol Ryan: Paying Off a Mortgage


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  • Carol Ryan



WHAT IS THE IMPACT OF PAYING OFF AN EXISTING MORTGAGE?


(Ex: 65 years old, receiving Social Security, $300,000. In savings, drawing $2000. A month, and making a $700. a month mortgage payment.

A $2000. Draw a month from their savings (adjusted for inflation each year). If the savings grew a steady 6%( no down turn) their savings will last until 81. They would have choices!

• Go to work

• Change lifestyle

• Think about a HECM

BUT!

If this couple were able to establish a HECM at the ONSET of retirement!

WHAT THAN?

• They could pay off their existing mortgage with a HECM.

• It would free up $700.00 a month mortgage payment

By doing this it reduces the draw from $2000. To $1300. Extending their savings from 81 years old to 94.n important question will this work for you? Please ask me and we will review your options .

HECM IS A HOME EQUITY CONVERSION MORTGAGE the proper name for a reverse mortgage

Carol Ryan
Retirement Funding Solutions
A Mutual of Omaha Co.
570-409-3763
Ask The Reverse Mortgage Expert a Question




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