This "Senior Friendly Home" with great views and a huge front and back yard is now available. For someone wishing to move into this wonderful part of San Diego County, you could not find a better value. Rancho Bernardo is simply 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 4 bedroom home with the master bedroom and full bath on the ground floor. It is currently listed as a short sale for the senior friendly price of only $449,900.
I've calculated how much money would be required as an approximate down payment to make the purchase using the FHA Reverse Mortgage for Home Purchase Program.
At age 65, a senior would need approximately $199,900 down and make zero monthly payments.
At age 70, a senior would need approximately $184,900 down and make zero monthly payments.
At age 75, a senior would need approximately $167,400 down and make zero monthly payments.
At age 80, a senior would need approximately $149,900 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 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://tempo5.sandicor.com/Pub/EmailView.asp?r=1032397304&s=SND&t=SND
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