Reverse Mortgage Purchase in Spokane

Reverse Mortgage Purchase in Spokane: A strategy for home buyers 62 or older to preserve assets. 

You have probably heard that cash is kingso leaving pension, retirement funds, 401K's or other assets undisturbed avoids compromising your investments and derailing your financial goals. A plan worth considering, if and when you are ready to sell your current home, is a reverse mortgage on your next home.    With a HECM loan you don't have to dig into your nest egg for future mortgage payments. 

 All or part of the proceeds from the sale of a current home are used for the down payment on the next home.  The remaining proceeds, if any, are safely deposited in a credit union or bank. Or, the funds can be used to pay down the open-ended reverse mortgage while leaving open the ability to borrow it back out again. Note:  You still are required to pay property taxes, insurance, and HOA fees (if any) as well as keep the  home in good condition.  The home must be your primary residence. At this writing, there are no credit or income requirements but the guidelines are subject to change. 

 So, how does one go about purchasing a home with a HECM (home equity conversion mortgage)? 

Here's a scenario. John and Mary, both age 65, and living in their two story family home with 4 bedrooms, 2 baths, full basement, downstairs laundry and a large yard, decide to sell.  Their plan is to relocate to a home that is one story, much newer and with minimal maintenance.  They hire a real estate agent to list their home for sale AND to show them homes which meet their new housing criteria and retirement lifestyle.  John and Mary also talk to a good lender, one who specializes in reverse mortgage loans and conventional loans to discuss their options. The lender prepares loan comparisons - both reverse and conventional - and explains the benefits of each.  The lender also provides a pre-qualification letter which helps John and Mary shop in the right price range.  Single family homes, FHA approved condos and 2-4 unit multi-plexes can be considered.

Fast forward!  Their home sells, they find just the right new home and their lender and other professionals guide them through simultaneous closings.  Sound too good to be true? Quite likely, but the fact is, it is true. Their exciting new lifestyle begins. They have preserved their assets, purchased a new home, and didn't compromise their retirement goals.    

A reverse mortgage purchase in Spokane with help from a reputable and experienced lender and an experienced real estate agent can save John and Mary, and YOU, precious $$$$ at a time when you plan to rely solely on pensions/retirement, social security and investment income. 

A reverse mortgage is a financial strategy.

Looking for a reverse mortgage specialist?  I am at your service.  Allow me to answer your questions and to put my years of experience to work for you.  If you don't know Jack.......you should!