Seniors turn to reverse mortgages for many different reasons. One person might look to reverse mortgage solutions because his monthly pension is smaller than his regular expenses. Another person might take out a reverse mortgage because she would like to pay off an existing loan. While the circumstances may differ, what borrowers generally have in common is the desire to achieve certain goals and make their lives better. This is something that we, here at Reverse Loan Solutions, understand.
If you are looking for more information on California reverse mortgage solutions, case studies, calculators and the like, we can help. Our staff has many years of experience in this industry providing reverse mortgage solutions for seniors in Los Angeles, Ventura, Santa Barbara, and all of California, and they would be happy to answer your questions regarding reverse mortgage loans. You can call us at 800-791-5626 or send us an email via our online contact form to learn more.
Reverse Mortgage Solutions: Paying for Monthly Expenses
Consider this reverse mortgage solution example. Mike and Joan are married, and they live in a home that they fully own. Both of them are in their 70’s. They have expenses that they need to take care of every month, including utility bills, food, maintenance medicines, and the like. Unfortunately, the sum of their pensions is not sufficient to take care of all of those costs. Previously, their daughter, Sophia, would chip in to help with the financial load, but Mike and Joan would rather avoid this, especially since Sophia has expenses of her own to worry about.
So, in terms of reverse mortgage solutions, here is what the couple could do: They could take out a reverse mortgage, using the equity in their residence. Instead of opting for a lump sum payment (which they do not need), they can choose to receive monthly payments of $1,200 from the lender. This will allow them to easily cover all of their regular costs. Their stress levels will be much lower, and they can even send small amounts of money to Sophia, if she needs some help. Here, reverse mortgage solutions are able to make the quality of life for this couple much better.
Reverse Mortgage Solutions: Taking Care of an Existing Loan
Also, consider this other reverse mortgage solution scenario. Jacob is 62 years old. His wife, Olivia, has passed away, so he is living alone in Santa Barbara. He receives a monthly pension, but he also has regular loan payments to worry about. He has $300,000 of equity in his home, but the balance of his loan is $60,000. While his income each month is able to cover his loan payments and other expenses, there is not much left over. So, Jacob worries that if he gets sick or if some other unplanned expense arises, he will not be able to afford it.
So, as far as reverse mortgage solutions go, this is what Jacob could do: He could take out a Santa Barbara reverse mortgage on his residence. Part of the proceeds can be received in the form of a lump sum payment of $60,000, which can then be applied to the balance on his loan. That will be one less thing to worry about.
Then, the rest of the proceeds can be received in regular monthly payments. This will allow him to have something left over each month, just in case something unexpected happens. Jacob’s stress level will go down, and having a higher monthly income will allow him to do more of the things that he enjoys, whether this is visiting friends and relatives, going to the movies, or dining out once in a while.
Learn More About How Reverse Mortgage Solutions Can Help You
If you would like to learn more about reverse mortgage loans and would like a customized California reverse mortgage solution for your needs, get in touch with the experts at Reverse Loan Solutions. We make it a point to provide our clients with answers that are tailored to their unique circumstances. Just give us a call at 800-791-5626 or send us an email via our online contact form. We look forward to providing you with customized reverse mortgage loan solutions!