How do you to Add $350,000 to Your Clients Retirement?
First, let’s be honest, there are some retirees that $353,000 would not make much of a difference. Today’s post is for those whom it would.
Earlier today I talked with two different financial advisors who had very similar client scenarios:
- 66 year old couple wants to retire
- They have around $500,000 in savings
- They have a home valued at $500,000
- Their Goal: Enjoy their lifestyle, make sure they don’t run out of money and leave something for their kids if possible.
I was able to share one simple strategy I firmly believe every Financial Advisor and Real Estate Professional must understand:
The HECM for Purchase Program
Here’s how it works:
Client sells their $500,000 home and moves to a $300,000 home. This is an excellent idea for many reasons.
- You don’t need that much house anymore
- You no longer want to do that much yard work
- You don’t want to worry about deferred maintenance on an older home
- and much more!
So, they sell that home and instead of paying cash with the proceeds, they used the HECM for purchase program that allows you to finance a portion of the purchase price, reducing what they had have to bring to closing.
Now, because of this one simple strategic move, the client has $353,000 in cash left over after it’s all said and done and no monthly mortgage payments!
Your clients Retirement Savings went from $500,000 to $853,000, and your influence as an advisors is now through the roof!
Reverse Mortgages have changed and Advisors must have current information to give their clients the best shot of a successful retirement.
Make sure you read my earlier post to get up to speed.
Are you current on how the changes in the Reverse Mortgage can radically impact your business and the clients you serve?
We offer a 1 and 2 hour Continuing Education Course to Financial Advisors and a certification course to Real Estate Professionals that covers all of the latest strategic uses regarding the Reverse Mortgages.