Reverse Mortgage Information to help your buyers and sellers

By
Real Estate Agent with Florida Homes Realty and Mortgage

A Purchase Reverse Mortgage can free them from monthly house payments.

 

A purchase reverse mortgage is a financial tool that provides secure retirement. Buyers who thought their retirements were set are finding out they don’t have the resources they thought they had now that credit is tightening, retirement accounts are plunging and savings are becoming inadequate.

 

No credit check

No income requirements

No house payments as long as they are in the home

Will not affect Social Security or Medicare benefits

FHA insured and guaranteed

 

Purchase scenario: Bill and Jane are 70 years old and empty nesters. They just sold their home they have lived in for 30 years and netted $190,000. They want something newer and smaller in a gated community with all the amenities. Their Realtor has found them the perfect home for $200,000. With the reverse mortgage purchase they will get “net proceeds” of $117,328 (assuming the seller is paying for deed stamps, owner’s title policy and survey). $200,000 less $117,328 = $82,672 is the cash to close with no mortgage payments ever. And they still have $107,328 left over from their sale!!

Posted by

Keith Shoemaker

Realtor

Florida Homes Realty & Mortgage

11512 Lake Mead Avenue Ste 701

Jacksonville, Fl. 32256

904-476-9117

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reverse mortgage
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Rainmaker
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Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

May just work for a lot of people. Good informative post and helpful to the end users as well.

Feb 16, 2010 12:48 PM #1
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Rainmaker
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Keith Shoemaker

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