Reverse Mortgage Expert Carol Ryan: Paying Off a 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