- John Bosworth, Age 68
- Home Value – $250,000
- Home Equity – $210,000
- Approximate Mortgage Balance – $40,000
- Craig Jenkins, Age 82, and Sylvia Jenkins, Age 79 (Reverse Mortgages are calculated using the age of the youngest home owner.)
- Home Value – $375,000
- Home Equity – $375,000
- Kathy Tobias, Age 63, and Rinaldi Tobias, Age 71 (Reverse Mortgages are calculated using the age of the youngest home owner.)
- Home Value – $165,000
- Home Equity – $165,000
The Solution:
- Gordon Penilla, Age 62, and Joanne Penilla, Age 65 (Reverse Mortgages are calculated using the age of the youngest home owner.)
- Home Value – $850,000
- Home Equity – $850,000
The Solution:
Gordon and Joanne take out a Tax Free* Reverse Mortgage Credit Line allowing up to $265,411. Each grandparent can now bestow a monetary gift to the grandchild, the amount being that which is currently allowed by law.