No broker fees, No hassles, low rates
Would you like to move to a smaller home or a home that is more suited to your changing needs? Would you like to be closer to friends and family? Would you like a newer home with lower maintenance or a home in a different neighborhood or one with lower taxes?
Before we had the option of being able to do a reverse mortgage for purchase, a senior’s options were often limited to either not moving at all or to perhaps selling the family home and moving into an apartment and not being a homeowner at all.
However, if homeownership is the lifestyle choice you prefer, consider a reverse mortgage for purchase. It works much the same way as does a regular reverse mortgage.
In order to determine how much we can lend you with a reverse mortgage for purchase, we do a calculation based on the age of the youngest borrower, current interest rates, and the cost of the new home. We will be able to lend you at least 50% of the cost of the new home – more if you are older than 62. You will have to come to settlement with the difference between what we can lend you and the purchase price of your new home. This sizable down payment usually comes from the sale of the current home. However, if you have other funds to use to use for the down payment, then your current home does not have to be sold. Additional qualifications will apply in this case.
If you will be selling your home, and if you don’t need all of the proceeds from the sale of this home in order to purchase the new home with the reverse mortgage, you can “pocket” those proceeds and turn that money into savings or investments.
Some credit underwriting does apply to this product. The new home must be owner-occupied. Generally, only a single family residence is allowed. No Investment properties or 2nd homes allowed. Condos must be approved by FHA.
Remember – with a reverse mortgage, there is never a monthly mortgage payment.
The borrower is always responsible for paying real estate taxes and homeowner’s insurance.
Call us to discuss your particular situation or for a FREE quote. Or have your realtor call us.