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#2 Case: Mother Needs 24/7 Home Care
Returns Home from ALF
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Age:
82
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Market: Daytona
Beach, Florida
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Need:
The initial contact was made by a caring son who lived across
the street from his elderly mother. He was his mother’s prime caregiver. Those care
requirements became too much, as the son worked full time and had a family of his
own. The family decided to look into a Reverse Mortgage.
They began the Reverse Mortgage process but then changed their minds about the
Reverse Mortgage and canceled the transaction. They decided instead, to move the
elderly mother into an Assisted Living Facility (ALF). Two weeks later, the mother
who was very independent, called to say that she hated the ALF and it was not for
her. She wanted to move back home and was anxious to get the Reverse Mortgage going
again.
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Financial: As of
November 2007:
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- Home appraised for $165,000
- Cash Available = $139,500
- Initial Interest Rate 5.15%
- No Existing Mortgage to pay off as home owned "free and clear"
- Initial Cash Drawn by client $5,000
- Available Balance Growing in Line of Credit (LOC) $139,500
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Solution: The independent
elderly mother got a Reverse Mortgage, moved back into her home, and with the proceeds
was able to hire caregivers 24/7 to supplement her son’s care.
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She is much happier and can now live in her home until she passes away. Meanwhile,
her son and his family spend more quality time with her than ever before and her
son doesn’t worry about her well-being because she is well cared for.
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More Case Studies 1-2-3-4-5...
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