I had a borrower, a single man in his late 60’s who made a living as a voice over artist. He lived in San Francisco and had plenty of monthly income, plenty of assets for retirement, and his home was paid off. He knew that none of his children would ever have any thought of moving back home. His plan for the proceeds from his reverse mortgage was to create a 529 college savings plan for his eight grandchildren without having to make mortgage payments again
Operating in a fashion similar to IRA and 401(k) plans, 529 college savings plans allow you to save for a child's education tax-free through a variety of investment options. Some age-based investment packages put funds in aggressive investments when the child is young, then automatically switch funds to more stable options as the child nears college age.
We were able to get him $500,000 to fund his dream and with the help of his certified financial advisor and his CPA he set the plan in motion.
These are real stories about people like you who have benefited from a mortgage program designed by Marc Gertz. Only their names have been changed or omitted.