Seniors: Downsize your home without payments?

By
Real Estate Agent with Seven Gables Realty 01750881

If you are 62Plus, you more than likely qualify for the Reverse Purchase Program.  Without giving a long explanation, I will give you an example of how it works.  Currently your home value is $500,000.  You have lived there for 30 years but it is too big for you now.  At 2800 square feet, you wish to downsize to 1200 square feet but you don't want to increase your expenses. What should you do?

Consider a Reverse Mortgage...ah, not really, a Reverse Purchase!  That's right a Reverse Mortgage purchase.

 

Example, $500,000 value of your home  - $175,000, down payment for new home.  Net profit $325,000.

 

Sell your current house for $500,000.  Buy a new home for $350,000 put a down payment of $175,000 and save the remainder of your funds for health costs!    You will have no payments for the reset of your life, your tax base would be based on your old home (most counties in California), and you now have a total profit in hand of $325,000 with NO MORTGAGE PAYMENT!  If at any time you wanted to payoff this reverse mortgage, either you or your children can  Of course if the value increased, you may owe nothing!  Wow! There is more good news, but I will save it for next time!

Contact Concetta at 951 208 9940 with any questions you may have.  This is a fantastic program!

Comments (20)

Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Welcome to Active Rain - I am sure you will love it here and you clearly have a lot of information to share. I hope you will continue writing! 

Jul 14, 2015 08:30 PM
Thomas F. Scanlon
Borgida & Company P. C., CPA's - Manchester, CT
CPA, CFP

concetta germain - Well done. Welcome aboard. I'm sure you will find it very rewarding.

Cheers,

Tom

Jul 14, 2015 09:04 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Welcome to ActiveRain. Many seniors would love to downsize with no payments, or smaller ones.  Thanks for sharing.

Jul 14, 2015 09:37 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, concetta germain many boomers are downsizing and the program you described here is an ideal situation..... I was not aware of this program....those who are thinking of downsizing would be very wise to contact you for guidance....

Jul 14, 2015 09:49 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain.... I loved your firts post and I can see you soaring with the eagles on this platform....keep those posts coming....blog away!!!

Jul 14, 2015 09:50 PM
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

Im almost 62... i can wait to reverse my years.... so then the following year i am 61 ? thrn 60?  lol.. Welcome to AR and your first post.

mike

Jul 14, 2015 11:28 PM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

I know of the program and a decent bit of how it works, but I was surprised this last class by how much one student in particular knew about it. 

Jul 14, 2015 11:51 PM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

Welcome to ActiveRain Concetta, it's great to have you aboard. I look forward to reading more of your posts.

Jul 14, 2015 11:51 PM
Marla Yost
Marla Yost Team- Keller Williams Realty - Arlington, TX
The Marla Yost Team

Welcome to Activerain  ...Look forward to more blogs from you.

You will love it here.

Jul 15, 2015 03:00 AM
Tyrone Brown
Sumter, SC

welcome to Active Rain....

Jul 15, 2015 03:02 AM
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

concetta germain Welcome aboard. You are in my neck of the woods. I am so glad your first post is filled with a topic that we can share with our senior or more mature clients. Afterall, who wouldn't want to downsize and have no monthly payments.  

Jul 15, 2015 07:18 AM
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

I just checked out the video that you posted on your profile page. It is totally hilarious...We have got to get together and have lunch someday.

Jul 15, 2015 07:25 AM
concetta germain
Seven Gables Realty - Corona, CA
Downsizing Seniors in Riverside County, California

Lunch would be great!

Jul 15, 2015 02:28 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Welcome to ActiveRain concetta germain . Nice example of not-so-reverse mortgage. Thanks.

Jul 15, 2015 02:31 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Thanks for sharing your program Concetta!

 

Welcome to Active Rain, let me know if there is anything that I can do to help as you get started blogging here.

Jul 15, 2015 04:12 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Concetta - I think this is something that many people are not aware of - that they can buy a home with a reverse mortgage.

Jul 18, 2015 04:39 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Concetta - Welcome to the ActiveRain community, and congratulations on your first post here.

Jul 18, 2015 04:39 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Please know that the ambassadors, those with the orange badges, are here to help if you have questions.

Jul 18, 2015 04:39 PM
Mery Fernandez Empire Network Realty Luxury Brokerage
Empire Network Realty INC. - Orlando, FL
The Rise of An Empire, Let's Build Yours!

Welcome to the world of Activerain, may your blogging  create a whole new chapter in your Real Estate Career,

Aug 07, 2015 11:45 AM
Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

Welcome to AR, Congrats on your first blog, look forward to all your future blog post. Its a great place to share your Real Estate thoughts and experiences. 

Aug 08, 2015 01:32 PM