The Vice Chancellor of my Alma Mater at Pepperdine University recently wrote to me detailing a great opportunity for seniors who desire additional retirement income and want to stay in their homes. To address such needs, Pepperdine University is offering “a charitable reverse mortgage.” Simply stated, senior citizens with little or no mortgage on their homes can donate their residence to Pepperdine, continue to live in the home as long as they wish, plus receive an annuity payment in an amount which is based on their ages and the value of their home. The advantages of such an opportunity are
1) Retain use of your home
2) Payments are fixed, partially tax-free and will NEVER decrease
3) Payments are guaranteed for life
4) There are no origination fees
5) No mortgage insurance is required
6) There is no maximum limit on the value of your home
7) Individuals retain the option to sell or lease their home without usual increases after tax
8) The home is removed from one’s estate, reducing exposure to estate taxes
9) After lifetime, the remainder interest in the home benefits charity, leaving a lasting legacy for the future generations
10) Pepperdine provides clients at no cost or obligation with documents which project the life income and tax benefit so that individuals can share the proposal with their financial and/or legal advisors to determine whether Pepperdine’s plan is right for them
For more information please call me. 619.823.2120
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