I love my job! One of my favorite Realtors®, Kevin Enriquez and I just closed escrow, and on time, for a great couple who bought a Sun Lakes Country Club home right on the golf course. They love the location of Banning with it’s altitude, afternoon breezes and mild version of the four seasons. They seriously considered paying all cash for their new home, but chose instead to finance the purchase with a reverse mortgage. They put just about 42% of the purchase price in cash into the home which covered the down payment and the closing costs. The rest of the purchase price was financed with a reverse mortgage on the new house. Since there are zero mortgage payments on a reverse mortgage their monthly housing expense is now the same as if they had paid cash! Of course they still have to pay property taxes, homeowners dues and keep their home insured and maintained just as any homeowner needs to do.
The lending limit for Reverse For Purchase is $625,500 at this time and if you are considering downsizing to that perfect home to retire in I would encourage to take a look at a Reverse For Purchase.