One thing that seniors have that other do not, is the reverse mortgage. I do these these with a twist. For example.
I am talking to a couple who are refinancing but the numbers are the same on a purchase. These are actual numbers but they only apply to this case. Your case will be different. This is a bit complex, call me to see exactly how it may apply to you.
They owe $150,000 on the home which will be paid off in 7 years but it has a high rate and the do not qualify to refinance, their payment is $1700 a month. Almost all of their income. The did not want to do a reverse mortgage as they had heard a reverse mortgage makes it hard for their kids to inherit their house. He is 72 and the wife is 65.
Here is what we proposed, we did the reverse mortgage, gave the husband a $150,000 reverse mortgage and a life insurance policy for $150,000. The life policy looks $500 a month or so. it insures that when the last one dies or until he is 99 at which time he can take back all of the money he has put into the policy.
Now it is not fool proof, as if he dies in say 10 years the interest on the reverse mortgage will have built up and the $150,000 will not cover all of it. I
But neither would he have paid off all of it. This way the kids have the funds to keep the house if that is what they want. f they die after he turns 99 they get no insurance but they do get all of the cash value that has built up.The point is, they get to live in the house for no payments accept the $500 a month. They can cancel anytime after 10 years and get all of their money back on the insurance. It will gain cash value, it can not be canceled due to age or health.
So they have increased their cash flow by $1200 a month, and made sure their kids can buy they home if they die. This is complex, and really is different from person to person. give me a call for a personalized proposal.
License # 287206 I work with 3rd party estate attorneys and planners to provide the insurance benefits.