SBEL is your solution when…a reverse mortgage will eliminate your mortgage payments and give you some extra cash to re-model your home.
Situation:
Kathleen has significant equity in her Long Beach home and she wants to live there for a long time. A reverse mortgage gave Kathleen the ability to stay in her home as her primary residence and never have to make another mortgage payment again. After seeing her home continue to appreciate in value, Katie decided to reach out again to Matt Hadnett and the South Bay Equity team to refinance her reverse mortgage and get some additional cash out.
SBEL Solution:
With the appreciation in her home, Katie qualified for her new reverse mortgage. The new reverse mortgage loan paid off the old loan and gave her additional cash out. With the cash out from the reverse mortgage, she is remodeling her home. By utilizing her home equity to eliminate a monthly mortgage payment, it allows Katie to live in her home as long as it is her primary residence and it frees up her monthly cash to pay for other things (travel, vacations, restaurants, fun stuff), rather than having to make mortgage payments.