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CURRENT APPLICATION:
Referred by local financial planner, radio show host
85 year old, $700,000 home on a canal in Ft. Lauderdale
$70,000 due on current mortgage, paying $XXXX / month
$70,000 in outstanding Credit Card Debt, paying minimums of $XXX / month
CC's are the SELF IMPOSED SOLUTION
other assets, other income sources, total monthly income vs. amount spent on mortgage, T&I, and CCs
At this rate, she will spend $XXXXX to live in her home for the next 5 years
Solution:
ADJ RM, payoff existing 70k, take 70k at closing to pay off ccs,
add $XXX to her monthly cashflow,
open up $275k credit line.....
