Most of us understand in some degree or another the value of a reverse mortgage. Let me describe a real situation that is maybe not so apparent.
An older buyer calls me and wants to relocate here. They are selling their home and are going to get about 175,000 for it. They own the home clear as they have been in it for 30 years. Factoring in moving expenses and new furniture they tell me they do not want to spend more than 150,000 for a home. They want to pay all cash so they live mortgage free.
Now they have requirements, and homes that are perfect for them are around 185000-200,000. So I say let's do a REVERSE MORTGAGE. Put 50 % down ( 92,500-100,000) and you will be living free of a mortgage and have a lot more left over !!!! Now they have to go to class and learn all about this but think about using the reverse mortgage to PURCHASE a home not just refinance one. Your buyers could walk into a better home and have a nest egg left over. And they will thank and love you .
Comments(6)