This "Senior Friendly Home" is now available in the wonderful San Diego State University area and close to Cox Arena. This 3 bedroom, 2 bath single level home is perfect for an active senior couple. 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 great retirement home. It is currently listed for an affordable $475,000. 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, a senior would need approximately $209,100 down and make zero monthly payments.
At age 70, a senior would need approximately $192,000 down and make zero monthly payments.
At age 75, a senior would need approximately $174,000 down and make zero monthly payments.
At age 80, a senior would need approximately $155,000 down and make zero monthly payments.
The current interest rate is fixed at 4.99% 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 give Prudential CA Realty Realtor John Adamske (DRE #01390852) a call at (619) 929-1932.