Introducing: Reverse Mortgage Purchases

By
Mortgage and Lending with Washington Financial Group, Inc

Effective Jan. 1, 2009

Not only can a Senior, age 62 or older, do a reverse mortgage on their own home, they now have the option to purchase a home using a reverse mortgage. This is a great product to help seniors that want to stay in a home, but cannot manipulate stairs , current home is to large, to much maintenance or the location is not desirable for them. For what ever reason, they now have the option to purchase the retirement home that suites their needs.

There is no qualifying for a reverse mortgage. Which means, all they have to have is the proper amount of equity in the home. They can close of the reverse mortgage purchase and never have a mortgage payment. The purchase products are the same as if they were doing one on their existing home.

For example, if the purchase price was $450,000, the down payment required to do a reverse purchase would be approximately $189.000.

 

 

Comments (4)

Valerie Spaulding
Windermere Peninsula Properties~Allyn~Belfair~WA - Belfair, WA
Allyn-Belfair-Hood Canal-Local Expertise!

Very cool Pattie - I am very excited to share the reverse mortgage information with my older clients! You did it your first blog!!!  Congratulations!!!

Dec 08, 2008 11:58 AM
Richard R. Bell
Richard Bell - Windermere Peninsula Properties - Belfair, WA
Broker-Manager, Allyn - Belfair Washington State Realtor

Hello Pattie and Welcome to the Active Rain Community and the Mason County Gang of Boggers and Localism activists. I look forward to your posts and knowledge of the Mortgage Business.

Dec 08, 2008 02:01 PM
Pattie Bigford
Washington Financial Group, Inc - Allyn, WA

Thank-you for reading my first blog. I am looking forward to learning how to use active rain. Once I do there will be many blogs I will put out. I am all about educating buyers, realtors and the general public. Any suggestions are more than welcome.

Dec 09, 2008 03:04 AM
Dinah Lee Griffey
Windermere Peninsula Properties - Allyn, WA
Managing Broker Windermere Peninsula Properties

I am so excited that you are here, and more than that you are LOCAL!-Dinah Lee

Dec 09, 2008 03:49 PM