A baby boomer in Orange County recently turned straw in to gold by the use of the Reverse-Mortgage-for-Purchase Program. The homeowner was on the fence about listing her home until the Realtor explained that the Reverse-Mortgage-for-Purchase Program could increase her purchase power. She could more than double her net proceeds from the sale of her current home and eliminate her monthly mortgage payments. She never dreamed this was possible and thought she’d have stay in place and continue to struggle making her mortgage payments.
After she sold her current home, she purchased another using a reverse mortgage instead of a traditional loan. She only put down $295,000 of the $395,000 she had left over in net proceeds after the sale of her previous home. The Reverse-Mortgage-for-Purchase picked up the difference on a new $600,000 home, she retained $100,000 from the net proceeds of her previous home, and now will never have a monthly mortgage payment for the rest of her life. That’s a Win-Win Situation!
If you either have enough cash in the bank and are renting, or enough net proceeds (equity) from the sale of a home that could be used as a down payment along with a Reverse-Mortgage-for-Purchase, please call or email us. It shouldn’t take more than a few minutes to find out all your options.
We specialize in helping seniors with HECM for purchase and we guide our clients to obtain a reverse mortgage and help them find a home that will fit their needs and lifestyles. If you would like more information or have questions about this program, please call me, Diego Loyaand I will be more than happy to assist you.