“After my husband passed away I didn’t need such a big house and my grandchildren were living in Colorado. I wanted to be near them, but on a fixed income, I didn’t think I could purchase a home or condo and make the mortgage payments. My loan officer, Jim Doyle, suggested a reverse mortgage and I couldn’t be happier!”
Seniors on fixed incomes are finding that the ability to right-size, and/or live closer to family are reasons to investigate the use of a reverse mortgage for a home purchase. This financial tool can turn the equity in your current home into the purchase of a new home within a single transaction.
With a Reverse Mortgage for Purchase:
• No lender is on the title with you
• No monthly mortgage payment on the new purchase
• You are responsible for property taxes and insurance
• Increase discretionary cash
• Credit requirements tailored to seniors –
• No prepayment penalty
• Sell the home whenever you wish
• Surviving spouse cannot be forced to leave the home
When you sell your current home, a Reverse Mortgage for Purchase allows you to leverage your available cash into approximately twice the purchase price you would ordinarily be able to afford.
Of course, you must maintain your new home, and pay property taxes and homeowner’s insurance. With a Reverse Mortgage, there is no loan repayment until the last borrower leaves the home. You will never owe more than the home is worth.
Call us today to find out what options are available to you!