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!