- You’re deep in debt and need a lump of money to get back on your feet.
- You can’t afford to continue making house payments
- You want to take that vacation that you’ve wanted all your life
- You want to purchase a home but not deplete all your money
- One had just become a widower. He had considered downsizing because of the expense. Instead he got a “Reverse Mortgage”, paid off several debts and is now living rent free for the rest of his life( if he wishes).
- My other friend was deep in debt as a result of the turn in the economy. He also got a lump sum of money and paid off almost all of his debt. He also has NO house payment.
Let’s say that you wish to purchase a home for $400,000 and you want to pay cash. Not a bad way to go. An alternative might be to purchase the same Active Adult Communities home with $200,000 down, put the other $200,000 in the bank (or where ever else you want it) and still have NO house payments for the rest of your life. Sound to good to be true, Well, it is true.