George, 85, lived in a $7.5 million home in Woodside, California. He was a widower, with children, who wanted to accomplish several things. He wanted to help his three grandchildren attend college, donate money to his daughter’s nonprofit, pay off his $500K mortgage, and help his son buy a house. The house also had several years worth of deferred maintenance that needed to be addressed.A reverse mortgage was the most economical way to achieve his financial goals. He took out a tax-free reverse mortgage as the best way to pass his wealth on to the next generation, eliminate his mortgage payments, and remodel his home. With a $2.2 million reverse mortgage, he was able to do just that. |
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