Reverse Mortgage - Its not just for staying in your current home.
I recently closed a transaction where the couple who bought the home, used a reverse mortgage to purchase the new property. The wife had been concerned that the cost of a normal mortgage would be hard for her to keep up with in the event that her older husband had another heart attack. The reverse mortgage that they acquired, provided the confidence for her to not be afraid to make the purchase. Their reverse mortgage originator is one of the best in the business.
It also helped me look good for finding an option that helped the couple find comfort in their new home. Knowing where to get good and reliable professional advice and assistance is one of the jobs a full-time real estate professional offers to their clients.
I am not a mortgage specialist, and I'm especially not a reverse mortgage specialist. What I was able to understand from their explanation is this: The reverse mortgage allowed them to purchase. It also allowed them to make payments if they chose to, which would increase the equity like a normal mortgage, AND that equity could be "available" without refinancing, or without taking out another loan on the property.
I am fortunate to know a professional Reverse Mortgage Specialist who is one of the best in the industry at this sort of thing. He has a YouTube about reverse mortgages used to purchase that may be a good place to start. I know he'd be glad to answer questions about reverse mortgages for those who have them.
Thanks for the video, Bob. And for the excellent help you gave to my clients in their purchase.
Best wishes, Heath
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