Thinking About Down Sizing?
Today is the future I created yesterday. –Louise Hay
THINKING ABOUT DOWNSIZING...CONSIDER A REVERSE MORTGAGE FOR PURCHASE!!
Why Buy a New Home as a Senior?
Perhaps the home that was perfect for your growing family now seems too large for your current needs.
Maintaining a multiple-level home with several rooms and a huge garden may now take more work that your willing to put in and you desire.
The allure of a warmer climate may be attractive, or you may simply want to move closer to the rest of your family.
How Can a Reverse Mortgage for Purchase Help You Right Size?
A smaller home will allow you to simplify your lifestyle and save in utility costs alone.
You can live closer to family and friends.
You will have additional income to meet your retirement goals.
As a longtime homeowner, you're used to budgeting for mortgage payments, along with property taxes and homeowner's insurance. And getting a mortgage in today's world has gotten harder as stricter lending requirements can be a daunting task.
With a "forward" mortgage, lenders scrutinize all of your income assets to determine your ability to repay which can be tough when you're on a fixed income. A Reverse Mortgage for Purchase is exempt from these requirements.
For many of us, owning our homes outright with no mortgage has been priority number one in our retirement planning, so paying can is the obvious answer. But, is this really the best use of the proceeds from the sale of your home?
Regardless of what happens in the future to home values, by paying cash you are taking a liquid asset (cash proceeds) and investing it in a non-liquid asset (your new home). In the event you want/need to access cash you'll have to create a debt that requires a monthly purchase.
A Reverse Mortgage for Purchase is a solution that allows you to accomplish two goals in just one transition with a single set of closing costs.
Attain a more fitting principal residence
Obtain a Reverse Mortgage
The borrower provides a down payment using the sale of the previous home or other savings. The equity earned through the down payment and the new home's value is then used to calculate the reverse mortgage loan amount. All or part of the reverse mortgage funds then covers the remaining cost of the home, just like a traditional mortgage.
Senior borrowers on a fixed-income can finance the purchase of a new home without the burden of having to make monthly mortgage payments. Borrowers are responsible for paying property taxes, homeowners insurance, and home maintenance.
A Reverse Mortgage for Purchase is a solution that allows you to accomplish two goals in just one transition with a single set of closing costs.
Attain a more fitting principal residence
Obtain a Reverse Mortgage
The borrower provides a down payment using the sale of the previous home or other savings. The equity earned through the down payment and the new home's value is then used to calculate the reverse mortgage loan amount. All or part of the reverse mortgage funds then covers the remaining cost of the home, just like a traditional mortgage.
Senior borrowers on a fixed-income can finance the purchase of a new home without the burden of having to make monthly mortgage payments. Borrowers are responsible for paying property taxes, homeowners insurance, and home maintenance.
