here's a question that I get a lot.
can you use a reverse mortgage to purchase a home?
two pieces of information to consider before evaluating why this question is sooooo important
over 10,000 people are turning 62 every day...that's every day folks!
1/3 of the population will be 65 years old or older by 2020. That's just around the corner.
so back to the question. the answer is
in fact a reverse mortgage will help many/most seniors qualify for the home that they want when traditional programs fail.
why Jay, you may ask? well let me give you two important reasons.
many seniors starting their retirement years, or planning for them are facing reduced income. They no longer qualify for the tradional mortgages that they have grown accustomed to. they need an alternative.
while they may have accumulated assets, that doesn't mean that they want to liquidate them to by a home.
also, another point that i'll throw in for free is that payments are optional. this gives them the option to increase and control their monthly income.
look i could go on with one reason after another, but I have to tell you that a reverse mortgage will offer a senior more options to responsibly utilize their assets when buying a home than any other program, and the program is
exclusively for seniors, those being 62 and older in this case.
finally no matter what, don't forget...