OKay, so we all know seniors (age 62 or over) who want or need to sell their current home. Maybe they have a two-story and can no longer handle the stairs, maybe they want to be closer to their kids or grandkids, maybe their house is way too big, maybe they want to be with other active seniors... many, many reasons this could be happening.
But since they happen to be a senior, they are on a fixed income (usually) or have other factors that would not make them a good candidate for a new home loan, plus they are just not sure about the new payments.
I have GOOD NEWS for both the seniors and their realtors! The "Reverse for Purchase" can come into play! Here's how it works...
Step One: Mr. and Mrs. Stiles meet with their Realtor and place their home on the market. Step Two: Mr. and Mrs. Stiles start looking for a new home to purchase that will fit their needs. Step Three: The Realtor introduces Mr. and Mrs. Stiles to a Reverse Mortgage Consultant who explains the process to them. Step Four: Their home sells for $300,000!
Here's how it looks on paper:
New Purchase Price $400,000
Reverse Amount $230,000
Cash Needed to Close $170,000
The cash can come from the proceeds of the sale of their previous home or other sources and the rest can go into their own pocket. And because of the Reverse Mortgage on the new home, they will never have a payment* until they can no longer live in the home or they pass away.
Great, FANTASTIC deal... and everybody's happy!
So, if you know of anyone who fits this criteria, please don't hesitate to call me for further information!
*House must be kept up to FHA standards and all taxes and insurance must be kept up to date.
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