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#4 Case: Medicaid Recipient Unable to
Survive
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Age:
68
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Market: Sunrise,
Florida
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Need:
The client was dependant on Medicaid benefits to go to the doctor,
to go food shopping, and to get the medications she needed to manage her many medical
issues. Originally from Russia, she was all alone in this country and was very afraid
to do anything that might jeopardize her Medicaid benefits without which she could
not survive.
Her small monthly Social Security checks were barely enough for her to subsist.
She felt panicky and was very afraid of losing the little she had if something unexpected
happened or if there was an emergency.
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Financial: As of
December 2006:
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- Home Appraised for $87,000
- Initial Interest Rate 5.13%
- No Existing Mortgage to pay off as home owned "free and clear"
- Initial Cash Drawn by Client $1,500
- Available Balance Growing in Line of Credit (LOC) $39,700
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Solution: After
careful consideration and with the utmost certainty that her much-needed Medicaid
benefits would not be compromised, the client closed her Reverse Mortgage transaction.
She was so appreciative when she could go grocery shopping and actually buy the
foods she enjoyed.
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She remains very fiscally conservative as she is on the young side for a Reverse
Mortgage at 68 and even with all her medical conditions, she hopes to live a long
life. She wants to makes sure that the money growing in her credit line will last
as long as she does. She is still nervous about what lies ahead but much less so
than before her Reverse Mortgage.
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