Working because they want to, not because they have to….
Our clients had one of them retired and busy with things around the house, and his wife was working for DoorDash so that they could have spending money. In reality, it was a necessity to make ends meet, and do some fun things as well (date night!).
During the reverse mortgage process, it became apparent that we would be able to pay off their existing mortgage and free up a considerable amount of monthly outgo to hang onto instead of sending it to the mortgage company. Paying off the existing mortgage was going to make a huge difference in their lifestyle. There was an amount of funds “left-over” after paying off their home loan and the decision was between having a Line of Credit for future use or some monthly payout to them in a Tenure payment. After reviewing the options, they decided to have a small Line of Credit for emergencies, and a bit of a monthly payout coming to them in addition to not having a monthly mortgage payment and take some of the funds to help her get a new car.
They are soooo Happy! She still does DoorDash because she likes the work and enjoys the extra income, but as she says, she can work because she wants to, not because she has to!