Up-Sizing Made Easy
Thanks to a Reverse Mortgage for Purchase, Sassy senior citizen, Laury Laursen, is revved up and ready to
party in her new home in Grants Pass. She is no stranger to town as she owns a home just around the corner from the home she just purchased. Though she liked the home and the neighborhood she was living in, she likes to shop and it just wasn’t big enough for all of her “crapola”. Up-sizing was the only solution so she turned to Nadine Petel of Security One Lending for help.
Who Qualifies for a HECM Purchase?
Laury, a retired Las Vegas showgirl, is loving life and sports cars, and will be able to enjoy her new home without having to make a monthly house payment or move out of her current neighborhood. Folks 62 or over can qualify for a HECM purchase loan if they have the down payment and a property that meets FHA guidelines. Qualification is not based on a credit score, just your ability to pay your taxes and insurance.
What About her Existing Home?
The home she has been living in the last few years is now on the market and she doesn’t have to stress-out about how long it will take to sell. The reverse mortgage for purchase loan required her to put down about 40% but there are no monthly payments required, she just has to keep her taxes and insurance current.
Do The Low Values Help or Hinder the HECM for Purchase?
While many people are suffering because of the reduced home values, Laury has come out on top since the lower home value required a lower down payment. For Laury, the reverse mortgage for purchase was a great financial tool that helped her to maintain her monthly cash flow. When she sells the home that is now on the market she will have her down payment money back to reinvest. Sweet!
Looking for Love ( or at least for fun!)
Now, if she could just find another outgoing and fun loving senior that could keep up with her, she would really be in good shape.
For more information on HECM for purchase ( or contact information for
Laury!) contact Nadine Petel at Security One Lending at 541-955-4518 www.nadinepetel.com