Profile
A couple in their mid-sixties started to think about retirement. They had a substantial nest egg and a home valued at $1,900,000. They also had a mortgage payment too big for their retirement.

Need
The couple wanted to remodel their home and live there for the rest of their lives without affecting their current income.

Solution
They replaced their $325,000 mortgage with a jumbo reverse mortgage. Hence they eliminated their mortgage payments and had approximately $225,000 remaining from the reverse mortgage proceeds. All tax free.

Result
They completed the remodel and put money into savings. The remodel increased the value of their home substantially and they were both able to retire happily.

Note: The figures in the examples are approximate only and subject to change. The exact amount you qualify for is determined by the Jumbo plan selected, appraised home value limits, equity, interest rate, and age.