WHAT CAN YOU DO WITH A REVERSE MORTGAGE
Why Consider A Reverse Purchase Mortgage? The reverse purchase financing can make it easier and more affordable for older adults to buy a home that better fits their lifestyle, without having to take on monthly mortgage payments. The reverse purchase program may help preserve your hard earned savings and improve cash flow. You will continue to own and maintain the title of your home for as long as the property remains your primary residence. At age 62 and older many older adults wish not to carry a large monthly mortgage payment into their late 70’s, 80’s, 90’s and now 100’s. As people age many unexpected expenses can arise such as medical bills, prescription drugs, home repairs and the need for long term care. Additionally, when a spouse passes, one of the SS checks goes away. When savings and retirement accounts run low and life insurance is no longer available, a reverse mortgage eliminates your monthly mortgage payment and increases monthly cash flow giving you a greater sense of financial security.
Reasons Most People Use a Reverse Purchase Mortgage 1. Downsize to a smaller, lower maintenance home 2.Buy a home closer to family or friends 3. Lower their cost of living during retirement 4. Enjoy carefree living in a senior housing community 5. Purchase a single level, more accessible home 6. Buy or sell a condo 7. Purchase a more expensive home without incurring a monthly mortgage payment 8. Preserve their cash 9. Minimal credit scores and income requirements 10. Enjoy a more comfortable retirement “REVERSE MORTGAGES MAKE A DIFFERENCE IN PEOPLES LIVES”
Property Eligibility – Single family home, FHA approved Condo, 1-4 unit property or Manufactured Homes.