Buy This Oceana Retirement Home with a Reverse Mortgage (HECM)
This one bedroom, one bath home in the Oceana retirement community in Oceanside, CA is priced at an amazing $79,500. And although this is a very good price, watch how purchasing this Oceanside home with a HECM (Reverse Mortgage) loan can make your retirement even better. Let’s see how a Reverse Mortgage works.
How A Reverse Mortgage Purchase Works
In our example a couple who are both older than 62 years of age (he’s 66 and she’s 62) have decided that their current home is simply too big, and that buying this simple one bedroom home in a planned senior community wouldeft be just right for them. So they sell their home in Oceanside and have $120,000 from the sale to invest in a new property. Since neither of them work any more, and their disposable income comes primarily from Social Security, they would like to preserve as much of the $120,000 as possible to use a backup. Sure, they could just pay cash of $79,500, leaving them with approximately $40,000, but what if they could buy the home, never make a house payment, and instead have about $75,000 in reserve? Well you’ve asked a great question, and our Oceanside team of real estate specialists would like to help.
A Reverse Mortgage HECM purchase is a government backed loan that allows a senior (62+ years of age) to buy a home with the assistance of the loan, and never have to make another house payment as long as they live in the home. In this case, with the youngest senior being 62 years of age, the government will pay approximately 58% of the home’s price, or in this case about $46.000. The senior buyer only has to contribute a portion of the sales price, which in this case would be approximately $33,000. The result….they get to keep more of the profit from the sale of their current home, and they have more money to use as they wish going into the future.
Want to see this Oceana senior home? We’ll be happy to answer your questions, show you this home, or others like it in the Oceanside area, or just sit down and further explain how Reverse Mortgage (HECM) home purchases might be just right for you. We are reverse mortgage specialists and certified SRES (Senior Real Estate Specialists).
And thanks for reading, educating yourself, and allowing us to help you solve the real estate puzzle .