Yes - mortgages work. We use them to purchase homes instead of relying on one to be handed down to us from a previous generation, or after decades of saving. And we are happy paying the bank back, up to twice the value of that home over 30 years, when we take the time to actually add up all of the payments for principle and interest. And we pay, and we pay and we pay...
But there is another way. Wait to pay. Yes, interest will acrue. Yes, there is a cost, just as with any mortgage. But for a growing number today of those homebuyers who have reached the age of 62 the "modern mortgage" exclusively for seniors is changing the landscape - quite literally.
There is a mortgage seniors can use to PURCHASE today that has no income requirement. No credit score qualification. And... no monthly payment.
Just imagine how many more seniors looking to downsize or move closer to family would buy instead of rent, or move into a retirement home, or in with the kids, if they, and their Realtor knew of this option.
The FHA HECM for Purchase can be an outstanding solution someone considering an "all cash" purchase. Wouldn't it be nice to put, say only 50% down, still not have a monthly mortgage payment, and keep the remaining 50% cash to use themselves?
Or, how about taking those proceeds from the sale of that existing home (where the majority of senior home buyers get their source of funds from) and instead of purchasing a home for the same value - be able to buy a new home for twice their original home's value - again with no monthly mortgage payment?
Wow! Wow is what more and more Realtors that I work with say when I teach them the Truth about the modern mortgage - the FHA HECM, the HUD version of the Reverse Mortgage! Yes, HUD has approved the use of the safest mortgage in America, the FHA Home Equity Conversion Mortgage, as a Purchase Finance tool.
Get facts, contact me today and I'll be happy to send you my report on Unlocking the Senior Market simply by learning about this groundbreaking option.
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