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Florida Reverse Mortgage Scenario Example 1

Borrowers: John Campbell, 67 years of age, and his wife Mary Campbell, age 64
Note: The youngest homeowner’s age will be used when calculating for reverse mortgages.
Home Value: $ 790,000.00
Home Equity: $ 60,000.00

The Situation:

The Campbell from Tallahassee are having a hard time paying off their $ 50,000.00 credit card debt where they have to pay at least $ 1000 every month.  Their real estate taxes is more than $10,000 every year which makes matters more difficult for them. They worry about their bills every month and the years ahead seem bleak for them.

Our Solution:

The Campbell decided to take a reverse mortgage loan of $ 300,000.00 in lump sum.  They paid their mortgage and their credit card debt and have enough left to finally take that cruise ship vacation they have been planning since they started their retirement.   

Florida Reverse Mortgage Scenario Example 2

Borrowers: Sean Winchester, age 66.
Home Value – $ 300,000
Approximate Mortgage Balance – $ 30,000

The Situation:

Sean lives alone in his home in Pensacola after his wife died 2 years ago.  He is a retired school teacher and is currently paying mortgage and a loan he took out when his wife was sick.  He fears losing his home because his Social Security income and his pension are not enough.

Our Solution:

Sean took advantage of a Reverse Mortgage Loan for $160,000.00.  He took half of the loan in lump sum, pays his mortgage and started investing in a children’s book he always wants to publish.  He asked for half of his loan in a tenure option where he can receive it monthly in addition to his Social Security income and pension.  Sean may be alone but he is happily doing what he loves and feels secure that he will always have a roof on his head and food on his table.

Florida Reverse Mortgage Scenario Example 3

Borrowers: Bobby Singer age 78 and Helen Singer, age 72.
Note: The youngest homeowner’s age will be used when calculating for reverse mortgages.
Home Value – $ 420,000
Mortgage Balance – $ 0

The Situation:

Bobby and Helen from Gainesville are health conscious and enjoy staying fit.  Both of them are taking daily medication as well as going to regular checkups every month to stay in good health and avoid any illnesses in the future.

Our Solution:

The Singers, who want to keep their lifestyle and maintain their health, took advantage of the Reverse Mortgage Loan with a line of credit summing up to $250,000.00 The money they are getting every month can cover not just the medication and checkups but they have enough to spare for a monthly travel and get-together with their children and grandchildren who are all living in Tampa, Florida.

Things to remember:

  • Check with your accountant to be up to date with the current tax laws.
  • Reverse mortgage is generally determined based on the home equity, the interest rates and the age of the youngest borrower.
  • All rates are updated weekly.  The rate for closing is the actual rate on Tuesday of that week and will stay the same until the Monday of next week.
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