Is your house too much for you?
Would you like to downsize?
Thinking of moving closer to your family?
Many senior borrowers are happy in their current home and have no desire to move. However, there are also a growing number who need to downsize, or whose current home just doesn’t fit their needs and can’t easily be modified (wheel chair access or handrails, etc.). There may be amenities that you can no longer maintain, such as a large lot with a pool, multiple stories, or excessive landscaping.
Why start to make monthly payments all over again at this stage of your life?
The Reverse Mortgage Purchase addresses these concerns, plus there are no income or credit score requirements.
The lender will want to know that you can pay the property taxes, homeowners insurance payments and normal maintenance. An alternative to paying cash for your new home would be to take a portion of the proceeds from the sale of your current residence and apply it to the down payment. You would then have no mortgage payments for as long as you live in the property with the benefit of cash reserves in the bank.
The amount of down payment depends on the value of the home you‘re buying, current interest rates and the age of the youngest borrower. I can help you figure out your approved purchase amount very easily.