This "senior friendly home" is now available for purchase in Solano Beach, CA. Someone 62 or older does not have to pay all cash for a new home to avoid making payments. I've done the math on purchasing this beautiful 3 bedroom, 2 bath Ocean View Home. I've calculated how much money would be required to make the purchase using the FHA Reverse Mortgage for Home Purchase Program. At age 65, the senior would need approximately $518,200 down; financing $350,000. At age 75, the senior would need about $472,000 for the down payment; financing $397,000 from the Reverse Mortgage. The current interest rate is 5.49% and the Government tacks on 0.5% per annum for the insurance.
It is interesting to me that seniors ofttime feel that they have to leave Southern California where they want to live to move to someplace far less desireable but more affordable. When you are not making a mortgage payment by using a Reverse Mortgage for Purchase
, it is possible to have your cake and ocean too!
You can find out more about how Reverse Mortgages work and do a calculation on your own by visiting my web site @ www.homeloans.com/ken-keranen.
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