Sure you’ve had a great life living and raising your kids. You loved your neighbors, your home and your neighborhood. Now, however, it’s time to think perhaps for a short time about just the two of you. And when you start thinking and planning, you’re going to find that cash really is king, and that finding the cash to buy the perfect retirement home is difficult. So…….
Buy your retirement home with a Reverse Mortgage – A Success Story
Clients are age 64 and 65 who are just retiring and want to downsize to a single story home with all the amenities of their existing home, and use the proceeds form the sale to pay cash….with No Payments!
This will be tough to do as the Realtor estimates that the net proceeds from the sale will only be around $200,000.
The Realtor, Don Reedy, realizes that a Reverse Mortgage Purchase could be just what these clients need.
The clients really like a home that is a great deal at $450,000, and three years ago was selling for over $600,000. We all sat down to run the numbers on buying this home using a Reverse Mortgage Purchase. Here is what we came up with:
- Purchase Price $450,000
- Reverse Mortgage Funds $262, 800
- Cash Required to Close $187,200
The clients take $187,200 of the $200,000 left from the sale of their old home combined with the $262,800 reverse mortgage proceeds to purchase the new home for $450,000….and never have any monthly mortgage payments again as long as they live in the house!
Remember, No Credit, Employment or Income Verification……All benefits of a Reverse Mortgage Purchase Program
That’s right. No credit problems, employment requirements or income verification needed. And this is a program that benefits both seniors and their families. Here’s an introduction to Reverse Mortgages by Andrew Aguiar, reverse mortgage lender with Security One Lenders, one of the country’s largest and most respected lenders in this area. Listen to the benefits of a reverse mortgage home purchase program, along with getting to know more about the whole product. Then, let me know if you’d like to meet for an individual evaluation with Andrew Aquiar, and we’ll see that his expertise becomes another asset in your retirement account.
Realtor Don Reedy