Reverse Mortgage Purchase in Spokane County

By
Mortgage and Lending with Jack Tenold LLC Jack Tenold NMLS 10261

Reverse Mortgage Purchase in Spokane County

....................... A strategy for home buyers 62 or older

 

Purchase a new home in King County with a Reverse Mortgage If cash is king it is wise to leave your liquid assets untouched when you purchase your next or your last 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....wNest eggith a HECM loan you don't have monthly mortgage payments. Worth considering? 

 

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. At this writing, there are no credit or income requirements but the guidelines are subject to change. 

 

 So, how do you go about purchasing a home in Spokane 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.

 

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.  

reverse mortgage purchase

4. Their realtor can now assist them with finding a new home in Spokane 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 size appropriate new home.  Thanks to a Reverse Mortgage, they have preserved their assets, purchased a new home, and have not compromised their retirement goals in the process.  

reverse mortgage purchase in Spokane 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. Call me for a loan comparison (no strings attached).  

Reverse Mortgage Purchase in Spokane County.  

Posted by
Jack Tenold NMLS 10261                                                       
      
You can reach me anytime at
     509-710-2227 no strings attached                             
 

Email:  Jack@JackTenold.com

Website: JackTenold.com

Refinance & Purchase  |   Reverse Mortgage Specialist 
Licensed to assist homeowners and home buyers in Washington
 
         Jack Tenold LLC Washington License No. MB-1819307  Office: 203 N Washington St Suite 200L Spokane, WA 99201      
 
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Comments (2)

Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I think many folks really don't fully understand the benefits of a reverse mortgage - you've done a great job explaining it to us, Jack. 

Nov 02, 2014 02:47 AM
Jack Tenold
Jack Tenold LLC - Spokane, WA
Specializing in Reverse Mortgages

Thank you.  Debb,  I think you are correct.  There has been a lot of guessing and misinformation about home financing using a reverse mortgage.  

Nov 03, 2014 04:41 AM