A Reverse Mortgage Possibility
Let's say that you have a house that is worth $250,000 and that it has no liens against it.
You sell this house for $250,000.
Next you purchase a house for $500,000.
To make the purchase, you put 50% down, $250,000, using the proceeds from the sale of your previous home and you use a reverse mortgage of $250,000 to pay for the remainder of the the $500,000 purchase.
Why would you want to do this? I don't know, but it is a possibility that exists with a reverse mortgage.
If you are 62+, then you can consider a reverse mortgage for getting equity out of your house, or you can use it to purchase a house.
If you would like more information on reverse mortgages, then, please, give me a call and I will put you in touch with a local reverse mortgage specialist.
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