Welcome to the7th
edition of the SimpleReverse Marketing Minute!
This week, we are continuing our new series called “This is a Reverse Mortgage Customer!” In this new series, we will highlight actual customer scenarios and how the reverse mortgage proved to be a great solution for them.
Reverse Scenario:
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Peter is 75 years old and is beginning to struggle to pay for and maintain his existing $750,000 home. So, he was planning on selling that home, netting about $500,000 and using the proceeds to pay cash for a new $500,000 home in a maintenance free senior community.
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His only income is his $3,500 a month SS Income and a small IRA.
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He could use some additional funds for retirement but doesn’t want to take on a new mortgage or mortgage payment.
So, the LO suggested a Home Equity Conversion Mortgage (reverse mortgage) for Purchase loan as a way to purchase the new home, preserve some of his cash from the proceeds to use for retirement expenses, but still have NO required monthly mortgage payment on the new home. The benefits he received were:
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Used $190,000 Reverse Mortgage plus $310,000 cash from the sale of his previous home to purchase his new $500,000 with NO monthly mortgage payment.
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Preserved $190,000 cash from the sale of his home to put into savings as additional cash to use in retirement
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Reduced his overall monthly expenses because he no longer has a mortgage payment and only has to budget to pay his taxes and insurance each year
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Got into the home he wanted, has fewer expenses, less maintenance he has to worry about and also now has $190,000 cash in the bank to better enjoy his retirement!
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All of this because he used the HECM for Purchase to buy his new home with a reduced downpayment versus “All Cash,” preserving his cash to use in retirement!
If you have customers like Peter that could benefit from using Home Equity Conversion Mortgage (reverse mortgage) to purchase a new home, give me a call TODAY and let’s discuss how we can make this loan work for YOUR CUSTOMER!
Here at SimpleReverse, we are here to help! If its marketing tools, marketing ideas, product training, scenarios or just a basic question; we are here as a resource to help you expand your knowledge and grow your business!! Don't hesitate to reach out today for any of your reverse mortgage needs!!! SimpleReverse is here to make the reverse mortgage product and YOUR reverse mortgage business SIMPLE, EASY and EFFICIENT for both you and your customers!!
Give me a call TODAY and we can help you too experience the SimpleReverse DIFFERENCE!!
