ChildGUARD
The life of a child brings excitement and wonder into every family. Although you have a healthy child today, it's hard to predict what his or her future will bring. As a parent or grandparent, you have the opportunity to provide protection for your child or grandchild now and guarantee their future insurability, regardless of the road that lies ahead.
Illinois Mutual's ChildGUARD plan is an inexpensive and easy way to begin a lifetime of protection for each of your children or grandchildren from birth to age 18. A one-time premium payment of $250 provides one unit (maximum two units per child) of protection which provides the following insurance guarantees:
$5,000 from Age 0 to Age 13
$10,000 from Age 13 to Age 18
$15,000 from Age 18 to Age 23
This one-time payment will insure your child or grandchild through their 23rd birthday. After that, they can take advantage of ChildGUARD's future insurability guarantee. It allows your child or grandchild to continue with permanent life insurance protection up to $100,000 at age 23, regardless of future health considerations. This means that no matter what their health situation may be at age 23, they are guaranteed coverage.
Ted Lewicki is the president of Pillar Financial Corporation located in Waterford, Michigan. Ted will help you analyze your financial situation and customize a plan that works for your family's life insurance needs. Find out more at http://www.pillarmortgage.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
conventional mortgage, reverse mortgage, long-term care, senior care package, family care package, HECM, HECM reverse mortgage, reverse mortgage for seniors, mortgage reverse, mortgage reverse taxes, lender mortgage reverse, calculator mortgage reverse, lender reverse mortgage, Michigan reverse mortgage, home mortgage reverse, aarp mortgage reverse, hud mortgage reverse, seller financing, private mortgage, seniors in foreclosure, distressed property Michigan, jumbo loans, own your home, FHAsecure, refinance real estate, refinance investment property, investment property financing, finance investment property, lower interest rate, interest rate, foreclosure, get out of foreclosure, repair bad credit, restore credit, cash out, cash back at closing, income property, first time buyers, first time home buyer, low income home buyer, credit problems, need cash, finance, refinance, equity, home equity, home equity loan, equity line of credit, insurance, insurance quote, insurance policy, home owners insurance, auto insurance, car insurance, motor cycle insurance, boat insurance, recreational vehicle insurance, health insurance, life insurance, long term care insurance, disability income insurance, annuities, liability insurance, liability coverage, medical insurance, insurance claim, insurance application, adequate insurance coverage
Ted is committed to 100% customer satisfaction and assurance that his clients are adequately covered with liability insurance based on their individual lifestyle and how much they have to lose in the event of an unfortunate occurrence
Romulus, Michigan-Mark Maupin founder of the National Real Estate Network a real estate investors club in southeast Michigan, introduced Ted Lewicki to his members at a recent meeting. He acknowledged Ted for providing a valuable service to his clients. "Ted can do the mortgage and write the insurance for the home buyer," said Mark Maupin. "He is the best for this service; he knows how much coverage is needed for the home and it's a great convenience to the customer to be able to take care of the mortgage and insurance at the same time."
"Ted Lewicki is the only person I know of in the state of Michigan who holds an Insurance License and a Mortgage Brokers License; in addition, he is an approved FHA Correspondent," said Maupin. With nearly 50 years experience in the insurance business and over 20 years mortgage experience, Ted is proud to say he has never received a complaint about his performance. He customizes his service to fit the individual needs of his clients. "At a recent meeting, Ted showed me some closing documents showing where he drastically reduced his own fees to make the numbers work for the customer to qualify for the loan," said Maupin. Ted replied, "A lot of time and effort has been put forth by the time you reach the point of reducing fees to make it work; a reduced fee is better than no fee and the customer is satisfied. A large portion of my new business is from referrals by satisfied customers," Ted explained.
Ted makes sure his customers have adequate insurance on their home to cover the debt, and he takes things a step further, making sure they have adequate liability insurance. Ted explained, "Someone who has more assets than the average consumer has more to lose if they are sued. They need more liability insurance coverage than the person who has a smaller home and fewer assets to protect."
Ted Lewicki, owner of A-1 Insurance Agency is located in Waterford, Michigan. For more information on his insurance products, visit http://www.a-oneinsurance.com/
Contact:
Ted Lewicki
A-1 Insurance Agency
3129 Dixie Hwy
Waterford, MI 48328
Phone: 248-674-0355
Email: info@a-oneinsurance.com
Website: http://www.a-oneinsurance.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
conventional mortgage, reverse mortgage, long-term care, senior care package, family care package, HECM, HECM reverse mortgage, reverse mortgage for seniors, mortgage reverse, mortgage reverse taxes, lender mortgage reverse, calculator mortgage reverse, lender reverse mortgage, Michigan reverse mortgage, home mortgage reverse, aarp mortgage reverse, hud mortgage reverse, seller financing, private mortgage, seniors in foreclosure, distressed property Michigan, jumbo loans, own your home, FHAsecure, refinance real estate, refinance investment property, investment property financing, finance investment property, lower interest rate, interest rate, foreclosure, get out of foreclosure, repair bad credit, restore credit, cash out, cash back at closing, income property, first time buyers, first time home buyer, low income home buyer, credit problems, need cash, finance, refinance, equity, home equity, home equity loan, equity line of credit, insurance, insurance quote, insurance policy, home owners insurance, auto insurance, car insurance, motor cycle insurance, boat insurance, recreational vehicle insurance, health insurance, life insurance, long term care insurance, disability income insurance, annuities, liability insurance, liability coverage, medical insurance, insurance claim, insurance application, adequate insurance coverage
Pillar Financial Corporation offers a unique package we call the Family Care Package and includes the following:
Family Security Fund
The Illinois Mutual Family Security Fund provides a cash lump sum payment at the time of death of the Insured plus monthly payments over a 20-year period plus a final lump sum payment after the monthly payments end.
The initial death benefit is provided by a term life insurance policy underwritten by Illinois Mutual Life Insurance Company.
The premiums are guaranteed level for 20 years and thereafter increase annually to age 95. There are no cash values under the term plan. The Monthly Benefit Rider provides the Family Security Fund benefits and the Deferred Benefit Rider in addition to the Surrender Benefit Rider is optional at an additional premium.
Under current tax laws, the initial death benefit payment to the beneficiary is received income tax free. A portion of both the 20-year monthly benefit and the final death benefit will be taxed as ordinary income to the beneficiary in the year of receipt. Please consult your tax advisor.
At Pillar Financial, we understand you want your family to be financially prepared for the unexpected. With Illinois Mutual, you have peace of mind - innovative solutions giving you ...
with life.
Security
You work hard so that your family can enjoy a comfortable lifestyle. Planning ahead to secure their future is important to you because they depend on you as a provider. With Illinois Mutual's Family Security Fund, you'll rest easy knowing your family is financially prepared for the unexpected.
This innovative life insurance plan gives you the ability to provide a death benefit, on-going monthly income for 20 years and a final lump sum benefit at the end of that 20 years.
Illinois Mutual understands how you live. We design flexible life insurance solutions that take care of your family - even when you're not there.
"With the Family Security Fund, I am to continue my family's current standard of living."
planning
How the Family Security Fund works
$1,000/mo
Monthly Cash Payment for 20 Years
$100,000
Final Lump Sum Cash Payment
$440,000 Total Benefit Amount Your
family will receive an immediate life insurance cash payment upon your death that can be used to pay off large debts. After your family has received their immediate cash payment, a monthly cash payment is paid without interruption, guaranteed for 20 years. A final lump sum will be paid at completion of the 20 year monthly benefit period.
The initial death benefit, monthly payment for 20 years, and final lump sum payment provides a total benefit amount.
$100,000
Immediate Cash Payment
When you add the Surrender Benefit Rider, you will receive 100% of all premiums paid, after 20 years. A portion of the premiums paid will be returned after the 5th policy year upon lapse or surrender of the rider.
Get your money back
When you add the Surrender Benefit Rider, you will receive 100% of all premiums paid, after 20 years. A portion of the premiums paid will be returned after the 5th policy year upon lapse or surrender of the rider.
Ted Lewicki is the president of Pillar Financial Corporation located in Waterford, Michigan. Ted will help you analyze your financial situation and customize a plan that works for your family's needs. Find out more at http://www.pillarmortgage.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
conventional mortgage, reverse mortgage, long-term care, senior care package, family care package, HECM, HECM reverse mortgage, reverse mortgage for seniors, mortgage reverse, mortgage reverse taxes, lender mortgage reverse, calculator mortgage reverse, lender reverse mortgage, Michigan reverse mortgage, home mortgage reverse, aarp mortgage reverse, hud mortgage reverse, seller financing, private mortgage, seniors in foreclosure, distressed property Michigan, jumbo loans, own your home, FHAsecure, refinance real estate, refinance investment property, investment property financing, finance investment property, lower interest rate, interest rate, foreclosure, get out of foreclosure, repair bad credit, restore credit, cash out, cash back at closing, income property, first time buyers, first time home buyer, low income home buyer, credit problems, need cash, finance, refinance, equity, home equity, home equity loan, equity line of credit, insurance, insurance quote, insurance policy, home owners insurance, auto insurance, car insurance, motor cycle insurance, boat insurance, recreational vehicle insurance, health insurance, life insurance, long term care insurance, disability income insurance, annuities, liability insurance, liability coverage, medical insurance, insurance claim, insurance application, adequate insurance coverage
News Release from the National Reverse Mortgage Lenders Association
May 10, 2001
FOR IMMEDIATE RELEASE
Contact: Glenn Petherick, Director of Communications,
NRMLA, 202-939-1753
Reposted by Ted Lewicki of Pillar Financial Corporation
Seniors Discover New Health Care Financing Options in Reverse Mortgages
- Free, New Consumer Guide Available -
Washington, DC - Paying for health care has become an important issue for older Americans and their adult children. As medical costs continue to rise for prescription drugs, in-home care, and physical rehabilitation, seniors are having to shoulder a larger share of the financial burden or turn to their children for help.
Fortunately, many seniors are discovering a relatively new solution for covering health care costs. It's a reverse mortgage, a unique loan that enables senior homeowners to convert part of the equity in their homes into income without having to sell the home, give up title, or take on a new monthly mortgage payment. Reverse mortgages are available to individuals 62 or older who own their home. Funds obtained from the reverse mortgage are tax-free.
Reverse mortgages have already helped out seniors like Dorothy Rogers of Hampton, NH, and William Ellis of Vancouver,WA, whose stories are profiled in a new booklet offered free from the nonprofit National Reverse Mortgage Lenders Association in Washington, DC. The booklet, called Using Reverse Mortgages for Health Care, may be obtained by contacting NRMLA (toll-free 1-866-264-4466, 202-939-1792, and asking for the health-care guide.
After her husband passed away, Ms. Rogers used a reverse mortgage to help make ends meet. "I had a horrendous time paying for things," she said. "Every time I went to the grocery store, I'd have to choose between prescription drugs or food. In the end, what I was getting from Social Security was going almost entirely to medicine. I thank God every day that I got a reverse mortgage."
When Mr. Ellis' wife, Beulah Marie, suffered a debilitating stroke, they decided to build a first-floor bedroom in their house to make her more comfortable. "I didn't want to get another mortgage because that would have meant making a monthly payment, so the next logical step was to get a reverse mortgage," commented Mr. Ellis. "The reverse mortgage really helped out."
"We're hearing more stories every month about how reverse mortgages are helping seniors live more comfortably and maintain control of their financial lives," commented Peter Bell, president of the National Reverse Mortgage Lenders Association. "In a very short time, we expect that the reverse mortgage will gain recognition as an important personal financial management tool due to its versatility and the powerful impact it can have on seniors' lives."
Borrowers can choose to receive the funds from a reverse mortgage as a lump sum, monthly income (for up to life or as long as they occupy the house), line of credit, or a combination of monthly income and line of credit. Borrowers can use the funds any way they wish - for home repairs and improvements, medical costs, in-home care, education, or supplemental retirement income. Borrowers make no monthly payments on a reverse mortgage during its term. The loan becomes repayable when the borrower sells the home or permanently moves out. In addition, the repayment amount can't exceed the value of the home.
Seniors can use funds from a reverse mortgage to pay for a variety of health-care related expenses, including:
To educate consumers about reverse mortgages, NRMLA has created a second booklet called The NRMLA Guide to Reverse Mortgages. This free booklet answers frequently asked questions, provides detailed information on the loan origination process, and includes a Code of Conduct for lenders, so that consumers can know their rights when working with a lender. The booklet may be obtained by calling NRMLA at 1-866-264-4466 (toll-free) or 202-939-1792, and asking for the Consumer Guide.
Reverse mortgages are originated largely by private lenders. The most popular type of reverse mortgage product is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA), an arm of the U.S. Department of Housing and Urban Development (HUD). More than 40,000 HECMs have been made since 1989.
NRMLA is a nonprofit trade association, based in Washington, DC, whose mission is to support the continued evolution of reverse mortgages as an important financial option for senior homeowners, while educating both its members and consumers about the varied applications of this unique loan. Members sign a Code of Conduct pledging to abide by guidelines that assure fair, ethical, and respectful practices in offering and making reverse mortgages to seniors. For more information on reverse mortgages or for a list of lenders in each state who have pledged to abide by NRMLA's Code of Conduct.
Ted Lewicki, Pillar Financial Corporation, offers a unique, Senior Care Package, a financial package specially designed for seniors, according to their individual needs. http://www.pillarmortgage.com
Contact:
Ted Lewicki
Pillar Financial Corporation
3129 Dixie Hwy
Waterford, MI 48328
Phone: 248-674-8171
Email: tlewicki@pillarmortgage.com
Website: http://www.pillarmortgage.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
The Pillar Mortgage exclusive Senior CARE Program
Example:
Mr. Hutton is 74 years old and his wife is 72 years old. Their home has been appraised at $300,000 and they own it free and clear of mortgage. They qualify for a reverse mortgage and are eligible for a lump sum of cash in the amount of $138,000 or a guaranteed income of $900 per month for as long as they live in their home. If they purchased an annuity with the cash, they would receive $960 per month for the rest of their lives wherever they live. If they choose to receive the money from their reversed mortgage in the line of credit option, the unused portion would grow at the same rate as their loan balance. They would receive the interest earned on a monthly basis ($675) or on an annual basis ($8,400) and still have the $138,000 available as reserve. They can also mix or match those options to provide them with the most appropriate solutions for their needs. Regardless of which option they choose, the reverse mortgage provides several practical options to fund either their long-term care insurance policies or their long-term care services. The Senior CARE Package provides both of the products in one!
There are three basic ways to pay for long-term care in a nursing home: Medicare, Medicaid or private pay (out of pocket or by using long-term care insurance and a reverse mortgage).
Medicare is the federal program offered to those who are needing a skilled level of care after a 3 day hospital stay. Skilled care is best described by the type of care you need due to a hip fracture or stroke - therapy on a daily basis.
Medicare is limited in the number of days it will pay - up to 100. Medicare pays 100% for the first 20 days (after the 3 day hospital stay and if skilled care is needed), beginning on day 21-100 there is a copayment required with Medicare. Most Seniors have a Medicare Supplement policy. Medicare supplements will pay in conjunction with Medicare. Once Medicare stops paying for care, most supplements will not continue to pay.
If you have exhausted Medicare payments the only other options are Medicaid and paying out of pocket (private pay). Medicaid is available for those individuals that are low income or have limited resources. Medicaid is the state welfare program and has limitations as to the amount of assets you can own and the amount of income you may receive each month before you are eligible.
The federal government has instituted restrictions on the transferring of assets out of an estate to qualify for Medicaid. There is a look back period of 36 months or 60 months if a trust has been established. A law was passed in 1996 making it a crime to shift assets to become eligible for Medicaid.
In 1996 the average cost for a year in a nursing home averaged between $36,000 and $50,000. This can be financially devastating. Especially if a patient stays the average of 3 years or even longer. Some patients have spent more than $100,000 or even $500,000 on long-term care expenses.
Besides paying out of your own pocket you can purchase long-term care insurance. This insurance must be purchased prior to needing long-term care. The eligibility for the insurance is based on your current health. Therefore if you are already ill, you probably will not be insurable.
Most financial planners recommend that LTC insurance be purchased in your late 50's or early 60's. In this range the cost is quite affordable and your health is probably still pretty good. The premiums are based on your age, health, and the type of plan that you purchase.
LTC Insurance Benefit Considerations
When purchasing LTC Insurance you must make three main decisions:
Daily Benefit - the amount of money you will receive from the insurance company on a daily basis for your care. You usually can select between $50 and $250 per day. Find out what the current cost of care is in your are and it will help you make the decision as to what daily benefit you want. (also see inflation protection below).
Benefit Period - the length of time you will receive payments from the insurance company once you need care. You usually can select a specific number of years (2,3,4,5,) or lifetime plans are also available. The average length of stay in a nursing home is 2 1/2 to 3 years. Note: A three year plan will be less expensive than a lifetime plan.
Elimination Period (deductible) - the number of days that you will be responsible for paying for your care before the insurance begins to pay. This works like most insurance deductibles except it is stated in a number of days instead of dollars. Most plans have a variety of options like 0 days, 20 days, 60 days, or 100 days. Be sure to check if this deductible is once in a lifetime or if it can repeat.
Also, there are three optional decisions that can be added to your plan.:
Inflation Protection - this ties back to your daily benefit and allows it to grow on an annual basis to help keep your plan in step with inflation. It is built into your original premium and therefore will increase your annual premium. You may have choices of 5% simple or 5% compounded. You do not have to add this to your plan - but it is certainly recommended if you are younger when you buy your policy.
Home Health Care Coverage - some policies will also give you the option of receiving insurance benefits in your own home. This options will allow you greater choice as to where your care can be paid for by the insurance. It may cover community care like Adult Day Care Centers and Assisted Living Facilities as well as care in the home. This option will increase your premium.
Nonforfeiture - this option provides some form of paid-up benefit if the policy should lapse. This option increases your base premium.
I hope this will give you some direction when comparing LTC policies. Always look for a strong and reputable company and also make sure your agent is knowledgeable about long-term care issues as well. Shop around and educate yourself and use your best judgment when selecting a plan. Look for plans that are Tax Qualified.
We are licensed with a number of companies and based on your age, current health condition and the type of plan you want they we can get a quote. http://www.pillarmortgage.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
conventional mortgage, reverse mortgage, long-term care, senior care package, family care package, HECM, HECM reverse mortgage, reverse mortgage for seniors, mortgage reverse, mortgage reverse taxes, lender mortgage reverse, calculator mortgage reverse, lender reverse mortgage, Michigan reverse mortgage, home mortgage reverse, aarp mortgage reverse, hud mortgage reverse, seller financing, private mortgage, seniors in foreclosure, distressed property Michigan, jumbo loans, own your home, FHAsecure, refinance real estate, refinance investment property, investment property financing, finance investment property, lower interest rate, interest rate, foreclosure, get out of foreclosure, repair bad credit, restore credit, cash out, cash back at closing, income property, first time buyers, first time home buyer, low income home buyer, credit problems, need cash, finance, refinance, equity, home equity, home equity loan, equity line of credit, insurance, insurance quote, insurance policy, home owners insurance, auto insurance, car insurance, motor cycle insurance, boat insurance, recreational vehicle insurance, health insurance, life insurance, long term care insurance, disability income insurance, annuities, liability insurance, liability coverage, medical insurance, insurance claim, insurance application, adequate insurance coverage
We offer more than mortgages; we also offer financial services, investment and retirement products, and all insurance needs including home, car, life, boat, RV, annuties, liability, business and more.
Hi, my name is Ted Lewicki and I have been an insurance agent since 1961. I have been married 37 years with five children and one son in the U.S. Navy. I have been in the same location for 27 years. I also own Pillar Financial Corporation dba Pillar Mortgage, which specializes in reverse mortgages for seniors.
As an Independent Insurance Agency, A-1 Insurance, located in Waterford Michigan, is able to represent a variety of insurance companies to better serve your Insurance needs. For more information click on a link below or call us at 248-674-0355!
Residential CommercialWe are affiliated with Pillar Financial Corporation, providing all your mortgage financial needs including Conventional, FHA, and Home Equity Loans. Pillar also specializes in Reverse Mortgages for seniors age 62 and older, allowing access to equity in their home without a single payment. See www.pillarmortgage.com for further information.
I am the President of Pillar Financial Corporation and have been in the mortgage business for 17 years. I also have 43 years in the insurance business, starting out on a debit in Detroit for Metropolitan Life Insurance Co. Since then I have been an AAA agent for 12 years and have been working as a Farmers Insurance agent for 25 years. I have been working within the community for all of these years dealing face to face with people of all ages and occupations. I am a family man with a wife and 5 children and I can relate to a multitude of scenarios. I have built my reputation on honesty and trust - backed by sincerity, dedication, and plain old hard work. I would be happy to help you define and achieve your financial goals.
Mr. Hutton is 74 years old and his wife is 72 years old. Their home has been appraised at $300,000 and they own it free and clear of mortgage. They qualify for a reverse mortgage and are eligible for a lump sum of cash in the amount of $138,000 or a guaranteed income of $900 per month for as long as they live in their home. If they purchased an annuity with the cash, they would receive $960 per month for the rest of their lives wherever they live. If they choose to receive the money from their reversed mortgage in the line of credit option, the unused portion would grow at the same rate as their loan balance. They would receive the interest earned on a monthly basis ($675) or on an annual basis ($8,400) and still have the $138,000 available as reserve. They can also mix or match those options to provide them with the most appropriate solutions for their needs. Regardless of which option they choose, the reverse mortgage provides several practical options to fund either their long-term care insurance policies or their long-term care services. The Senior CARE Package provides both of the products in one!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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