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(Updated for 2020)
Reverse Mortgage for Home Purchase
Want to buy a new home that meets your changing needs or lifestyle? Maybe you’d like to live closer to family – or to the golf course? If you are at least 62 years old, now you can buy a home without having to deplete your entire retirement savings and without having to make monthly mortgage payments.
Stipulations include maintaining primary residence, keeping current on property taxes and insurance, and making sure the house is properly maintained.
Call us today to see if you qualify. As part of the process, you’ll then work with an independent reverse mortgage counselor, who can help you evaluate all the risks and benefits.
Reverse Mortgage as a Financial Tool
Did you know that about 50% of baby boomers have no retirement savings? There is hope, though, since about 80% of baby boomers have substantial equity in their homes.
Have you thought about having NO MORTGAGE PAYMENTS? The reserve mortgage is a great financial planning tool for retirement; especially if you want to stay in your home. Here’s a couple of answers for you:
- If must be age 62 or older
- Title to the property is in YOUR name
- No credit, employment, assets or income to qualify
- No monthly mortgage liability
- You still pay the property taxes and insurance
Reverse Mortgage is Ideal for:
- Seniors with limited retirement assets who may not need the funds today, but want the security of available cash.
- Seniors who want to increase cash flow liquidity through home equity.
- Seniors who want to eliminate their monthly mortgage payment and apply funds towards other retirement instruments.
- Seniors who wish to use their home’s equity to access cash for today or in the future.
This material is not from HUD or FHA and has not been approved by HUD or a government agency.