I've avoided getting involved or studying reverse mortgages since they began. They held no interest for me, my students, or my clients. A good idea but an FHA program they rarely get it right. Worse they are not being marketed by those few FHA brokers/bankers I do trust.
Then I read a blog: Reverse Mortgages - Purchase a Home with a Reverse Mortgage - Part 7
If I read this correctly, a senior buyer/s can now biy a home putting 40% down plus closing cost, without qualifying and chose to make no mortgage payments!
If that doesn't raise your eye brows nothing will! Think about it. Snow belt retires finally sell their home and head to Poinciana but their $100,000.00 won't buy a home out right. Instead they buy last years $250,000.00 for $125,000.00 put $50,000.00 down and live for taxes and insurance just like they'd planed.
All I can say is WOW!
Bill
William J Archambault Jr
The Real Estate Investment Institute
Bill
William J Archambault Jr
The Real Estate Investment Institute
wja@reii.org 832-259-7078 or 702-516-1569
From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.
©William J Archambault Jr ©The Real Estate Investment Institute ©REII
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Bill - this looks very interesting, especially since I turn 62 in August. I will have to delve further into this, not just for me, but for my senior clients.