This "Senior Friendly Home" is now available for someone wishing to move into this wonderful part of North County San Diego. Lake San Marcos is a great community for seniors. If you are 62 years of age or older, you can buy purchase this home without having to pay all cash and still avoid making any payments. I've done the purchasing math for someone to own this single story 3 bedroom, 2 1/2 bath house that shows like new with mountain and golf course views. It is currently listed for only $700,000.
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 $349,250 down and make zero monthly payments.
At age 70, the senior would need approximately $326,700 down and make zero monthly payments.
At age 75, the senior would need approximately $302,950 down and make zero monthly payments.
At age 80, the senior would need approximately $277,900 down and make zero monthly payments.
The current interest rate is fixed at 5.49% and the Government tacks on 0.5% per annum for the Mortgage Insurance Premium (MIP). By using a Reverse Mortgage for Home Purchase, it is possible to live right here in a great climate to really enjoy those active retirement years!
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.
To find out more about this home, please go to:http://miguelnunezteam.prudentialcal.com/CA/San-Marcos/92078/homes-for-sale/1338-Miracielo-Ct-51507858
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