This inexpensive "Senior Friendly Home" is now available for someone wishing to move into this wonderful part of North San Diego County. Peacock Hills is a great community for seniors. If you are 62 years of age or older, you can purchase this home without having to pay all cash and still avoid making any payments. I've done the buyer's math for someone who wants to own this single story 2 bedroom home that even has a bonus room. It is currently listed for the senior friendly price of only $195,000.
I've calculated how much money would be required as a down payment to make the purchase using the FHA Reverse Mortgage for Home Purchase Program.
At age 65, the senior would need approximately $87,000 down and make zero monthly payments.
At age 70, the senior would need approximately $80,000 down and make zero monthly payments.
At age 75, the senior would need approximately $72,600 down and make zero monthly payments.
At age 80, the senior would need approximately $64,800 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 your 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://gerryduarte.prudentialcal.com/CA/Oceanside/92056/homes-for-sale/4712-Mystik-Rd-52849395
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