Our 82 year old borrower was receiving Social Security income. She had a missed mortgage payment, needed a new roof which she did not have funds for, and feared she may have to sell her home. She also had additional debts listed on her credit report. Due to her limited income and her outstanding debts, no forward mortgage options were available. Our borrower chose to complete a Reverse mortgage and stay in her home. Her remaining forward mortgage balance was paid off at close and she used a portion of her equity money to purchase a new roof and pay off her other debts, all while staying in her home.
Our financially savvy borrower wanted to strengthen his retirement portfolio and recognized that by liquidating some of his housing equity, his other financial investments could continue to grow untouched. By utilizing the Jumbo Reverse Mortgage, he tapped into a portion of his home equity and took out one of our largest reverse loans at $3,000,000!
Our 86 year old borrower was behind on his property tax bill and was hoping a cash-out refinance could provide the proceeds to pay it off. He was unable to qualify for any forward mortgage options due to his limited income. Instead, he qualified for a Reverse mortgage and used the proceeds to pay off those delinquent taxes!