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AGING IN PLACE? JIM AND SHIRLEY WERE IN THAT PLACE, BUT IT WASN’T THE PLACE FOR THEM…

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Jim and Shirley B. saved and invested for years and had all their assets in all the right places with a trusted financial advisor.

But, with both now 67 they just didn’t need the “big house”.  So, she fixed up the old place, made it beautiful, sold it and then paid all cash to downsize into a nice new condominium.  They loved the condo but it just wasn’t laid out well for aging in place. For Jim’s part, he simply didn’t want to ever have a mortgage payment again.

Shirley said, “I told Jim right then and there, I would never again make our perfect home just to move out!”

But, with all the investments appropriately allocated for their age, where now to get the money to prepare their condo for aging in place?

At that moment, they remembered a seminar led by Richard McWhorter of Central Florida Reverse almost one year prior.  Maybe a Home Equity Conversion Mortgage was the solution to their problem.

What did Shirley say then?  “I told Jim that we weren’t going to just make our forever condo perfect for aging in place, but we were going to make our condo beautiful!”

After a complete discovery review with Jim and Shirley, Richard determined that they were perfect candidates for a HECM Line of Credit loan.  Why?  Because with their financial planner’s support, and their children on board, they were quickly able to secure a HECM LOC of $300,000 on their $650,000 condominium.

Why did their financial professional jump on board the new plan? He learned what the couple already knew, the line of credit could not be called or frozen, had no personal guarantees and was the perfect vehicle for emergency (or just because) withdrawals without harming their long-term financial plan.  Oh, and it didn’t hurt that the undrawn line balance had an FHA guaranteed growth rate of equal to their interest rate on the outstanding balance regardless of the underlying value of the home.

The happy ending?  Jim and Shirley drew $100,000 of their $300,000 line, completely remodeled their condo to make it appropriate for their plans to live there forever and left the balance available to simply grow as part of their long-term financial plan.

And, it will continue to grow every year… even if the available balance grows to more than their home is worth.  Talk about a hedge against the next housing slump!

Success.  They didn’t touch their assets appropriately placed by their financial advisor, and they utilized their equity which had been over allocated in their home to make needed improvements and begin aging in place.  All while continuing to have no monthly mortgage obligations.

And their children?  Happy for their parents to live the hard-earned life they deserve.  Thankful that the home is the sole collateral and their parents would never need to ask them for emergency cash. And, they were knowledgeable that should their parents pass or otherwise stop using the home as their primary residence the loan options would be just like any other mortgage…  Pay off the debt or, with a HECM whose outstanding balance may be in excess of the value of the home, walk away… their choice without any personal liability.

Maybe you, or someone you know, needs a similar success story but still thinks the new HUD/FHA Home Equity Conversion Mortgage is too good to be true?  As with any loan product, there is always additional information to discuss. Give Richard McWhorter of Central Florida Reverse Mortgage a call, text (404-313-9785) or email (Richard@CFReverse.com) and find out why what you use to know about reverse mortgages is keeping you from one of the best and safest long term financial products on the market today.

Next step?

Want your own aging in place story? Simply reach out to us at Central Florida Reverse Mortgage and let’s discuss how we can help you with a product designed specifically to meet your needs for a lifetime of happiness… while enhancing long term cashflow and quality of life to help you Retire as Desired. Feel free to call, text (404-313-9785), or email richard@cfreverse.com and find out more.

Richard W. McWhorter, NMLS 1618644, with McWhorter Mortgage, LLC, NMLS 1486483, dba Central Florida Reverse Mortgage is an independent reverse mortgage specialist and Certified Mortgage Planning Specialist® exclusively serving Florida (FL LO-44137) and Georgia (GA Mortgage Residential Licensee 57530). Follow him on LinkedIn, the Central Florida Reverse Mortgage website or contact him directly at Richard@CFReverse.com.

McWhorter Mortgage, LLC provides an Equal Housing Opportunity. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to secure a loan. Some restrictions may apply. McWhorter Mortgage is licensed in Florida and Georgia, call for originator recommendations in other states. This material is not from HUD or FHA and has not been approved by HUD or any government agency.

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Licensing

Central Florida Reverse
- NMLS: 1486483
- FL: MBR2015
- GA: 62076

Licensing

W. Brandon McWhorter
- NMLS: 1222276
- FL: LO29724
- GA: 62082

Richard W. McWhorter
- NMLS: 1618644
- FL: LO 44137
- GA: 57530

Contact Us

Central Florida Reverse
200 E Tillman Avenue
Lake Wales, FL 33898

Number:
(404) 313-9785

Hours:
MON-FRI 9AM - 5PM EST

McWhorter Mortgage, LLC, dba Central Florida Reverse Mortgage, NMLS 1486483, provides an Equal Housing Opportunity.  Information is subject to change without notice.  This is not an offer for extension of credit or a commitment to secure a loan.  Some restrictions may apply. McWhorter Mortgage is licensed in Florida and Georgia, call for referral recommendations in other states. This material is not from HUD or FHA and has not been approved by HUD or any government agency.