For those of us living here in the Northwest, summer brings with it dreams of spring eternal... and for those living on the West Side of the Cascades that means looking to purchase East of the mountains. Thanks to a dryer and sunnier climate many today are foregoing the typical retirement areas of California and Arizona to move closer to home.
Speaking with realtors in Cashmere, Wenatchee and Chelan Washington many are seeing strengthening business as many home buyers are choosing now to be the time to make that move. With interest rates at bargain basement levels the question is less about trying to time the bottom of the real estate market as it is realizing that there may never be another opportunity like we have now.
And, for a growing number of home buyers, especially those in retirement or close to it, the use of the FHA HECM (read government insured Reverse Mortgage) is becoming an important option.
For some, those looking to keep a primary residence but purchase that second home now, they can access up to $625,000.00 of tax free cash to use on their new purchase (and not be burdened with monthly mortgage payments). That could buy a nice cabin in the mountains!
Or, for those looking to sell their home and buy something new - the FHA HECM for Purchase recently approved by HUD gives them an alternative to an all cash transaction, or, allow them to step up to a home of much higher price. (again, without having to make any monthly mortgage payments). The HECM for Purchase is also becoming a "go to" mortgage for those in retirement without sufficient income to qualify with today's tighter lending requirements. Have you had a purchase fall apart because the buyer could not get financing? If they are over the age of 62 you need to learn about this!
Don't be left behind if you've discounted the use of the Reverse Mortgage - this is the safest mortgage option in America today, by far. And it has grown far beyond a tool for those in need to a tool being used by those who are looking to maximize their quality of life.
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