Reverse For Purchase - New and Improved
Okay, so we all know seniors (age 62 or over) who want or need to sell their current home. Maybe they have a two-story and can no longer handle the stairs, maybe they want to be closer to their kids or grandkids; maybe their house is way too big; maybe they want to be with other active seniors or possibly they can no longer afford the mortgage... many, many reasons this could be happening.
But since they happen to be a senior, they are on a fixed income (usually) or have other factors that would not make them NOT a good candidate for a new home loan, plus they are just not sure about making the new payments.
I have GOOD NEWS for both the seniors and their realtors! The "Reverse for Purchase" can come into play! Here's how it works...
Step One: Mr. and Mrs. Stiles meet with their Realtor and place their home on the market.
Step Two: Mr. and Mrs. Stiles start looking for a new home to purchase that will fit their needs.
Step Three: The Realtor introduces Mr. and Mrs. Stiles to a Reverse Mortgage Consultant who explains the process to them.
Step Four: Their home sells for $300,000!
Here's how it looks on paper:
New Purchase Price $400,000**
Reverse Amount $230,000**
Cash Needed to Close $170,000**
The cash can come from the proceeds of the sale of their previous home or other sources and the rest can go into their own pocket. And because of the Reverse Mortgage on the new home, they will never have a payment* until they can no longer live in the home or they pass away.
You have heard about investors getting all the homes on the market because they are offering cash. Well, a Reverse for Purchase is just like a cash offer. There is no qualifying - you must simply be 62 or older and have some equity in your existing home or cash on hand for the new purchase. Great deal, right!
And everybody's happy!
So if you know of a senior who needs some financial help, needs to move or has some questions about the new and improved Reverse Mortgage Process, please don't hesitate to contact me by phone or email. I would love to help!
*House must be kept up to FHA standards and all taxes and insurance must be kept up to date.
**Amounts are approximate
Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.
Warmest Regards,
Linda K. Mayer, Realtor
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website
