Case Study: Empowering an Aging Client to Achieve Home Safety and Financial Security

Client Profile

Our client, a vibrant 91-year-old, owned a two-bedroom two-story home with stairs, which she considered a significant health hazard due to her age. Living on a fixed budget supported solely by social security income, she faced the challenge of ensuring both her safety and financial security.

Client's Journey

We worked closely with our client to find a solution that would address her needs effectively. After thorough assessment and consideration, our client decided to sell her current home, which resulted in a net profit of $270,000 after settling the mortgage and covering closing costs. With this financial boost, she was able to purchase a new single-story home in a welcoming age-restricted community, complete with a clubhouse and golf course.

By utilizing a reverse mortgage, our client only needed to put down $152,861 for her new home, allowing her to retain a substantial portion of her proceeds. This surplus funds not only covered her new furniture expenses but also provided her with the peace of mind of having savings for unforeseen future needs. Our client's transition to her new home was not just about finding a safer living environment but also achieving financial stability.

Conclusion

This case showcases how thoughtful financial planning, including the use of a reverse mortgage, can empower seniors to enhance their living conditions, ensure their safety, and maintain financial security in their golden years. Our client's success story is a testament to our commitment to helping individuals like her find their "happy forever after."