#45 Using A Reverse Mortgage To Make Charitable Gifts

#45 Using A Reverse Mortgage To Make Charitable Gifts

REVERSE MORTGAGE FEES CHARITABLE DOLLARS NOW, NOT LATER

For all of your adult life, to the extent your means permitted, you’ve been a “giver” to charity. As part of your estate plan, in fact, you’ve arranged for gifts to be made to several different religious, humanitarian, and educational organizations. You’d like to do even more, but now that you’re retired, you know it will be prudent to preserve your resources in case future medical or other unexpected costs arise.

Problem is, as you’ve been made aware, the pandemic has created a major emergency for at least one organization to which you’ve been contributing annually. That charity needs supporters’ help now, not someday, in order to help keep hunger at bay for families where breadwinners have lost employment. Knowing how dire the situation is, you’re moved to make a substantial contribution today, but you’re looking for a way to do that without putting your own financial future in jeopardy. The equity in your own home could very well be the key.

A Home Equity Conversion Mortgage HECM line of credit frees up the equity you’ve built up in your primary residence. You can easily tap that guaranteed, growing line of credit to make a meaningful donation to charity, doing so without tapping any of the investment or savings resources you want to have available for medical or other costs that may arise. Meanwhile, the unused portion of your reverse mortgage revolving line of credit can continue to grow.
Simply put, a reverse mortgage can enable you to free up those charitable dollars – now. You can help in the fight against hunger – now, yet preserve your other resources for future contingencies later.

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Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees.

Lion_Icon Wondering how many of your neighbors have a HECM or HECM for Purchase loan?
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