Did you know there is a way to buy a home and never make a mortgage payment?
Imagine this scenario:
You have $200,000 and you are looking for the perfect home that suits your retirement.
You are looking forward to buying your next home outright because you have spent a lifetime making monthly mortgage payments and to continue to would be a drag.
You are scared that $200,000 is not enough to find a home in San Diego.
You and your spouse engage a realtor, and look around the San Diego area for a perfect home or condominium, and you are disappointed that you cannot find any homes that…
1) Suit your family’s needs,
2) Are in your price range, and
3) Are in the neighborhood you want them to be.
What are you to do?
Consider a using a reverse mortgage as a tool to get the right home.
If you or your loved one are over the age of 62, then you might qualify for a Reverse Mortgage for Purchase. It could expand your buying power and you still won’t have to make mortgage payments — if you do not want to!
The loan amount one can qualify for with a Reverse Mortgage for Purchase is based on the age of the youngest borrower. If the youngest borrower is 62 or over, then the loan can be the lesser of 52% the home’s appraisal value, the purchase price or the maximum lending limit.
Let’s go back to our situation where you and your spouse have $200,000 and are looking for the perfect San Diego home to right-size into retirement. If you and your loved one are 62 and qualify for a reverse mortgage, then 52% of the appraised value of the home you find can be covered by the reverse mortgage!
You find the perfect home for $390,000. You could never afford it without a loan (or a winning lotto ticket), but with your reverse mortgage covering 52% ($202,800) now you can use $187,200 of your money to buy a home worth nearly twice as much as you could have purchased in cash.
Even better: the Reverse Mortgage for Purchase works just like a normal Reverse Mortgage. You retain the title to the home, and the loan does not come due until the last borrower leaves the home. The loan is non-recourse, so the bank can never come after you, your heirs or your estate regardless of what happens in the housing market.
You got everything that you set out to accomplish: you found a home that…
- Suits your family’s needs,
- Is in the right neighborhood,
- Requires NO monthly mortgage payments,
- And was within reach of your original budget!
You got everything you were looking for with the help of a reverse mortgage!
Look around you for a moment, and try to see the nooks and crannies of your home in a new light. Would you like to spend your future in a home that is better suited to your needs? If so, call ARAMCO Financial at (760) 438 – 2552 to see if a Reverse Mortgage for Purchase is right for you. Or sign up for our free educational workshop at www.ARAMCO.biz.
Don’t just downsize, right-size with a reverse mortgage!