Reverse Mortgage for Home Purchase

Want to buy a new home that meets your changing needs or lifestyle? Maybe you’d like to live closer to family – or to the golf course? If you are at least 62 years old, now you can buy a home without having to deplete your entire retirement savings and without having to make monthly mortgage payments.

Stipulations include maintaining primary residence, keeping current on property taxes and insurance, and making sure the house is properly maintained.

Call us today to see if you qualify. As part of the process, you’ll then work with an independent reverse mortgage counselor, who can help you evaluate all the risks and benefits.

No monthly mortgage payments.  Loan would be due when you move out permanently, sell the home, or pass away.

Down payment would be between 25% and 47.6% (plus closing costs), depending on your age.

Non-recourse: never owe more than what the home is worth. If the heirs choose not to repay the loan and the home is foreclosed, they will not be liable for any deficiency.

Reverse Mortgage as a Financial Tool

Did you know that about 50% of baby boomers have no retirement savings?  There is hope, though, since about 80% of baby boomers have substantial equity in their homes.

Have you thought about having NO MORTGAGE PAYMENTS?  The reserve mortgage is a great financial planning tool for retirement; especially if you want to stay in your home.  Here’s a couple of answers for you:

  • If must be age 62 or older
  • Title to the property is in YOUR name
  • No credit, employment, assets or income to qualify
  • No monthly mortgage liability
  • You still pay the property taxes and insurance

Reverse Mortgage is Ideal for:

  • Seniors with limited retirement assets who may not need the funds today, but want the security of available cash.
  • Seniors who want to increase cash flow liquidity through home equity.
  • Seniors who want to eliminate their monthly mortgage payment and apply funds towards other retirement instruments.
  • Seniors who wish to use their home’s equity to access cash for today or in the future.

Smart retirement planning starts with asking all the right questions.  Call us today to discuss. 866.549.3900