Prescription Drugs and Reverse Mortgages
Many Americans enter retirement without the savings necessary to cope with rising prescription drug costs. A reverse mortgage can help individuals survive these costs and, in the process, greatly improve their standard of living.
Fixed Income Grows with a Reverse Mortgage
Consider the case of Meredith Spillman, a retired homemaker in Sioux Falls, South Dakota.
Meredith can still remember the day her and her husband Bill bought their home in 1954. They scrimped and saved for years to save up for their $11,000 home, a large amount at the time. Nothing made them prouder then being able to provide a wonderful place to raise their family, a happy family found its home.
Over the years, Bill remodeled and updated the home to keep up with the changing times. As the years went on, their children moved away and started their own lives and families. Bill and Meredith remained proud of their beautiful home and all of the joy it had brought.
When Bill passed away unexpectedly in 1989, the family was suddenly left without its proud patriarch and Mrs. Spillman was left to care for herself. The kids helped out where they could but lived too far to be there on a regular basis. Meredith managed through her grief and lived a happy, active life albeit one on a limited, fixed income.
Meredith received Bills pension for just two years after his passing. As inflation ate away at its value, the $724 she received in Social Security was soon not enough to live on. In addition, her prescription drug bills skyrocketed, further adding to the financial difficulties. Her children helped out where they could but Meredith was too embarrassed to ask for help.
Meredith can still remember the day her and her husband Bill bought their home in 1954. They scrimped and saved for years to save up for their $11,000 home, a large amount at the time. Nothing made them prouder then being able to provide a wonderful place to raise their family, a happy family found its home.
Over the years, Bill remodeled and updated the home to keep up with the changing times. As the years went on, their children moved away and started their own lives and families. Bill and Meredith remained proud of their beautiful home and all of the joy it had brought.
When Bill passed away unexpectedly in 1989, the family was suddenly left without its proud patriarch and Mrs. Spillman was left to care for herself. The kids helped out where they could but lived too far to be there on a regular basis. Meredith managed through her grief and lived a happy, active life albeit one on a limited, fixed income.
Meredith received Bills pension for just two years after his passing. As inflation ate away at its value, the $724 she received in Social Security was soon not enough to live on. In addition, her prescription drug bills skyrocketed, further adding to the financial difficulties. Her children helped out where they could but Meredith was too embarrassed to ask for help.
Supplemental Income Arrives
Finally, help arrived when her daughter brought her information on reverse mortgages. The family was elated to discover that a reverse mortgage would give her an additional $680 in tax free income every month, nearly doubling her income.
Meredith Spillman's story is not unique. With the costs of prescription drugs crippling America's retirees, reverse mortgages are rising prominence.
For more information or to compare your reverse mortgage options, call Grindstone United at 866-508-HECM or visit the Best Deal Comparison Tool.
Meredith Spillman's story is not unique. With the costs of prescription drugs crippling America's retirees, reverse mortgages are rising prominence.
For more information or to compare your reverse mortgage options, call Grindstone United at 866-508-HECM or visit the Best Deal Comparison Tool.