Reverse Mortgage Purchase in King County
....................... A strategy for home buyers 62 or older
You have probably heard that cash is king so leave your assets untouched when you purchase your next home. A reverse mortgage on a new home is a financial strategy worth taking a very serious look at. When you avoid dipping into your investments you keep your financial goals in tact. And....with a HECM loan you don't have to dig into your nest egg for monthly mortgage payments.
So, how do you go about purchasing a home in King County (or anywhere in Washington) with a HECM (home equity conversion mortgage)?
All or part of the proceeds from the sale of a current home are used for the down payment on the next home. The remaining proceeds, if any, are safely deposited in a credit union or bank. Or, the funds can be used to pay down the open-ended reverse mortgage while leaving open the ability to borrow it back out again.
Note: You still are required to pay property taxes, insurance, and HOA fees (if any) as well as keep the home in good condition. The home must be your primary residence.
Example: John and Mary, both age 65, and living in their two story family home with 4 bedrooms, 2 baths, full basement, downstairs laundry and large yard, decide it is time to sell. Their plan is to relocate to a home in King County, that is one story, much newer and requires minimal maintenance.
1. They hire a real estate agent to list their home for sale.
2. John and Mary talk to a good lender, one who specializes in reverse mortgage loans and conventional loans to discuss their options. The lender prepares loan comparisons - both reverse and conventional - and explains the benefits of each.
3. The lender also provides a pre-qualification letter which helps John and Mary shop in the right price range.
4. Their realtor can now assist them with finding a new home in King County or surrounding area. They have many options including single family homes, FHA approved condos and 2-4 unit multi-plexes.
Fast forward! Their home sells, they find just the right new home and their lender and other professionals guide them through simultaneous closings. Sound too good to be true? Quite likely, but the fact is, it is true.
The next phase of their life begins in their comfortable and convenient new home. Thanks to a Reverse Mortgage, they have preserved their assets, purchased a new home, and haven't compromised their retirement goals in the process.
A reverse mortgage purchase in King County with help from a reputable and experienced lender and an experienced real estate agent can save YOU, precious $$$$. When your plan is to retire and rely on pension, social security and investment income, you want to ensure that your assets last as many years as possible and that you earn maximum benefit. A reverse mortgage is a financial strategy.
Looking for a Reverse Mortgage Specialist? I am at your service. Allow me to answer your questions and put my years of experience to work for you.
Reverse Mortgage Purchase in King County.