SCENARIO EXAMPLES

Scenario Examples
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Scenario Examples

Reverse Mortgage SCENARIO EXAMPLE #1LessLess

Reverse Mortgage SCENARIO EXAMPLE #1Less

  • John Bosworth, Age 68

  • Home Value – $250,000

  • Home Equity – $210,000

  • Approximate Mortgage Balance – $40,000

  • John Bosworth, Age 68

  • Home Value – $250,000

  • Home Equity – $210,000

  • Approximate Mortgage Balance – $40,000

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John is a widower who lives at home alone. He would like to keep his home, but is having trouble making payments and meeting expenses. His monthly mortgage payment is $611. Even with both Social Security income and pension, he is still short by $187 per month…

John is a widower who lives at home alone. He would like to keep his home, but is having trouble making payments and meeting expenses. His monthly mortgage payment is $611. Even with both Social Security income and pension, he is still short by $187 per month…

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The Solution:

The Solution:

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John takes out a Reverse Mortgage for $142,496. He takes a lump sum of $40,000 and applies it to his existing mortgage and the balance in monthly payments of $681. After paying the mortgage off entirely, John’s monthly income rises to $1,291. That’s $611 per month for the mortgage payment, plus another $681 from the Reverse Mortgage.

John takes out a Reverse Mortgage for $142,496. He takes a lump sum of $40,000 and applies it to his existing mortgage and the balance in monthly payments of $681. After paying the mortgage off entirely, John’s monthly income rises to $1,291. That’s $611 per month for the mortgage payment, plus another $681 from the Reverse Mortgage.

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Reverse Mortgage SCENARIO EXAMPLE #2Less

Reverse Mortgage SCENARIO EXAMPLE #2

  • Craig Jenkins, age 82, and Sylvia Jenkins, age 79 (Reverse Mortgages are calculated using the age of the youngest home owner.)

  • Home Value – $375,000

  • Home Equity – $375,000

  • Craig Jenkins, age 82, and Sylvia Jenkins, age 79 (Reverse Mortgages are calculated using the age of the youngest home owner.)

  • Home Value – $375,000

  • Home Equity – $375,000

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The Challenge:

The Challenge:

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Craig and Sylvia both take medication to stay in good health. The cost of monthly meds and treatments makes it difficult for them to find the money needed to maintain the quality of life they once enjoyed.

Craig and Sylvia both take medication to stay in good health. The cost of monthly meds and treatments makes it difficult for them to find the money needed to maintain the quality of life they once enjoyed.

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The Solution:

The Solution:

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They take out a reverse mortgage with the option of one lump sum totaling $218,419, or a monthly income of $1,495. The extra cash flow from their Reverse Mortgage more than covers their monthly cost for medication, and allows Craig and Sylvia more freedom with much less stress.

They take out a reverse mortgage with the option of one lump sum totaling $218,419, or a monthly income of $1,495. The extra cash flow from their Reverse Mortgage more than covers their monthly cost for medication, and allows Craig and Sylvia more freedom with much less stress.

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SOCIAL MEDIALess

SOCIAL MEDIA

CONTACTLess

CONTACT

Success Mortgage Partners

Reverse Mortgage

Success Mortgage Partners

Reverse Mortgage

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Phone: 1-833-SMP-RVMG or 1-833-767-7864

Phone: 1-833-SMP-RVMG or 1-833-767-7864

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This material has not been reviewed, approved, or issued by HUD, FHA, or any governmental agency. The company is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. Success Mortgage Partners, Inc., 1200 South Sheldon Road, Suite 150, Plymouth, MI 48170, NMLS #130562, HUD ID No. 21293-0000-5, MI #FR0020098, FL #MLD 623, NMLS #130562, GA #GRMA-36474, IN #19238, IL #MB 6761028, TX Reg #130562, NC #L-159206. Not all products and options are available in all states. Terms subject to change without notice. This is not a loan commitment. All loans are subject to approval.

This material has not been reviewed, approved, or issued by HUD, FHA, or any governmental agency. The company is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. Success Mortgage Partners, Inc., 1200 South Sheldon Road, Suite 150, Plymouth, MI 48170, NMLS #130562, HUD ID No. 21293-0000-5, MI #FR0020098, FL #MLD 623, NMLS #130562, GA #GRMA-36474, IN #19238, IL #MB 6761028, TX Reg #130562, NC #L-159206. Not all products and options are available in all states. Terms subject to change without notice. This is not a loan commitment. All loans are subject to approval.

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