Louise, a 92 year old widow, had been referred to me by her financial adviser. She owned a $580,000 home in San Diego County that was free and clear. She also had a $1 Million life insurance policy that was still in effect, but she and her family had problems paying the yearly premium.
One of the solutions her financial adviser recommended was to take advantage of the HECM reverse program which allowed them access to a $325,000 increasing line of credit with a 6% compounding growth rate and no payments. The reverse mortgage was put into place and worked great until Louise passed away 18 months later.
Accessing part of the equity in her home with the reverse mortgage allowed Louise and her family to make the insurance premium payments and keep the policy in effect so that the life insurance proceeds could be passed tax-free to her estate.
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.