Patti attended one of our workshops, and after the seminar, she stated that she had a unique situation and didn't think we could help her.
She explained that she recently divorced and was forced to file for Social Security (monthly check $1050) a month. She was also living in a rental apartment paying $1100 a month.
She received $200,000 from her divorce settlement, ($130,000 in cash and $70,000 of his IRA), and her living expenses was $3000 a month. Her fear is running out of money.
Patti explained she found a townhouse she wanted to buy ($230,000). She wanted to know what we thought about putting $170,000 down and financing $60,000.
To put $170,000 down to buy the townhouse, she would need to take at least $40,000 from the IRA plus extra for taxes.
After consulting with her and preparing a Retirement Analysis, we suggested she look into a Reverse Mortgage Purchase.
Patti paid 100,000 out of pocket and qualified for a Reverse Mortgage, whereas, the Government paid for the balance of the home. Patti will never have a house payment other than taxes and insurance using the Reverse Mortgage as long as she remains in the home.
Patti can retain $100,000 in the bank plus she will have her Social Security for living expenses.
To see if this would be appropriate for you, request a FREE CONSULTATION or attend one of our FREE WORKSHOPS.