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#5 Case: Savings Depleted Caring for
Ailing Spouse
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Age:
89
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Market: Key
Largo, Florida
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Need:
An eighty-nine year-old widow ran through a lifetime of savings
caring for her spouse through a lengthy illness until he passed away in their home.
The couple had purchased the home with cash and the property had never had a mortgage.
Since her husband had handled the finances, she wanted to educate herself so she
could make an informed decision.
From the experience of nursing her husband, the client understood just how much
it costs to receive quality care 24/7, even with a life partner by your side. She
also understood that even though she has children, she did not want to burden them
with her care when the time would come. Having outlived her beloved husband, it
was important for her to know for certain that she would have sufficient funds for
quality care in her home until she closed her eyes for the last time.
The client never wants to go to a nursing home or to an ALF and wants to enjoy
the remainder of her life in her home which she loves.
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Financial: As of
December 2008:
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- Home appraised for $800,000
- Initial Interest Rate 3.37%
- No Existing Mortgage to pay off as home owned "free and clear"
- Zero Dollars Initially Drawn by Client
- Available Balance Growing in the Line of Credit $335,000
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Solution: With the
Reverse Mortgage obtained by Reverse Ultra in place, she now has over $330,000 available
to her and growing her available credit until she has a need for the money. Now,
she has peace of mind knowing that she can maintain her independence and have the
needed money for quality round-the-clock care at home until death.
This client does not want to go to a nursing home but wants to stay home until
the end. And with her reverse mortgage, she now has the ability to stay in her home
for the rest of her life. She is still concerned about the sky-rocketing costs of
quality home care and has some concerns about whether the cash available will be
sufficient to cover her in-home care expenses.
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However, several months after her closing, the national lending limits were raised
to $625,500. Having a higher value home, she is considering a refinance in the future.
With the raised lending limits, she will have access to an additional $200,000 should
she choose to refinance.
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More Case Studies 1-2-3-4-5...
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