Freedom

A flexible retirement

Overview

James has dedicated much of his life to a fulfilling career as an ER physician. He loves his work, but, at 64, he is ready to start a new phase of life and focus on his aspirations like traveling with friends, pursuing hobbies, and living the adventures on his bucket list.

Although he can comfortably make the $2,300 payment on his mortgage balance of $308,000 for the next 23 years, an early retirement could restrict his financial flexibility. Instead, he can use the equity on his home valued at $930,000 to pursue his best retirement with a reverse mortgage.

James now has the freedom to:

Save more by no longer having to make a mortgage payment:

Home Value

$450,000

Lump Sum Paid at Closing

$40,000

Starting Line of Credit

$161,255

Freely pursue aspirations and interests earlier than planned.

Use his existing housing wealth to receive a $50,000 line of credit. He can now easily plan for and participate in travel and other activities with friends.

Illustration is for educational purposes only and reflects an initial interest rate of 6.335% and expected interest rate of 5.125%. Closing costs are $28,880 (allocated to $18,600 for Mortgage Insurance Premium, origination fee of $6,000, and other costs of $4,280). Rate quote was generated on 8/29/2022.

Freedom

A flexible retirement

Overview

James now has the freedom to:

Save more by no longer having to make a mortgage payment:

Home Value

Lump Sum Paid at Closing

Starting Line of Credit

Freely pursue aspirations and interests earlier than planned.

Freely pursue aspirations and interests earlier than planned.

Use his existing housing wealth to receive a $50,000 line of credit. He can now easily plan for and participate in travel and other activities with friends.

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