The Free Second Home Plan
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The son of client Mr Bowers had recently suffered a medical emergency which led to job loss.
The loss of income then prevented him from paying the mortgage and then facing foreclosure.
Mr. Bowers had a nice home in southern California that was paid off with no mortgage at the time.
The son was Mr. Bowers’ only child and intended primary heir so ultimately, any equity or value would ultimately end up with the son anyway.
Mr. Bowers took out a reverse mortgage and used the cash out to pay off his son’s home completely – so now neither father nor son have a monthly house payment of any type.
In addition to saving his son’s home, Mr. Bowers gets to see his son’s family enjoy the dream of living with no mortgage now, instead of waiting for his passing and inheritance.
When Mr. Bowers eventually passes away, the son still inherits his father’s home, and either sells it and pay off the reverse mortgage, or may decide to keep the home and simply refinance the reverse-mortgage into a new conventional mortgage.
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